Citi in $1.25bn tie-up With IFC to Unblock World Trade Flows |
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June 15,2009
Attempts to unblock world trade flows still jammed by the credit crunch have been backed by Citigroup, which today unveils a $1.25bn (£760m) funding tie-up with the International Finance Corporation, the private sector arm of the World Bank.
Attempts to unblock world trade flows still jammed by the credit crunch have been backed by Citigroup, which today unveils a $1.25bn (£760m) funding tie-up with the International Finance Corporation, the private sector arm of the World Bank.
Citi and the IFC are launching the partnership as part of a $50bn global trade finance initiative announced by the World Bank in April.
The tie-up - the second the IFC has entered into with a bank in recent months - could mark a new willingness by banks to finance trade in emerging markets.
The US bank hopes to steal a march on its competitors by tapping into opportunities arising from the scarcity of credit, which has driven up the price of trade finance.
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