Standard Chartered, IFC ink US$700m Trade Facility
(14 April 2023 – Singapore) Standard Chartered and International Finance Corporation ( IFC) have signed a US$700m investment in IFC’s Global Trade Liquidity Programme (GTLP) aimed at supporting global trade finance.
Since the launch of the initial facility in 2009, facilities under the programme have reportedly supported over US$20.5b in global trade over 150 Emerging Market Issuing Banks (EMIBs) in 37 countries across 17,746 transactions, without any defaults.
This renewed facility is expected to support up to US$6.4b in trade over three years across Asia, the Middle East, Africa and Latin America supporting about 850 importers and exporters involved in critical commodities, basic goods and other essential materials to meet market demand.
“We are delighted to renew the GTLP, a longstanding partnership with the IFC since 2009 that is testament to both organisations’ unwavering commitment to narrow the trade finance gap,” said Standard Chartered Regional Chief Executive Officer for Africa & Middle East, Sunil Kaushal.
“As a leading trade bank, we have a crucial role to play in enhancing the accessibility to the capital and liquidity needed to facilitate global trade, and to do so in a sustainable manner. Particularly in today’s challenging post pandemic macro environment, such partnerships can help continue to provide the much-needed liquidity to boost trade flows and drive economic growth. This partnership is at the core of what we do as a Bank and in complete alignment with our stand of Resetting Globalisation.”