Standard Chartered and IFC renew commitment to boost global trade by up to $6bln

Standard Chartered and IFC renew commitment to boost global trade by up to $6bln

Dubai, United Arab Emirates – Since the launch of the initial facility in 2009, the Standard Chartered GTLP facilities have shown strong reach and impact in supporting trade in the emerging markets, particularly those supported by the International Development Association (IDA), as well as low/lower middle-income countries, given the Bank’s established network and correspondent banking relationships. When combined, these facilities have supported over USD20.5 billion in global trade through 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 USD6.4 billion in trade over three years across Asia, the Middle East, Africa and Latin America by supporting about 850 importers and exporters involved in critical commodities, basic goods and other essential materials to meet market demand. The GTLP programme continues to evolve to reflect changing market dynamics and now features a significant climate component as well as seeking greater activity in the areas of IDA markets and food security.

"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 Sunil Kaushal, Regional Chief Executive Officer for Africa