36386 - GTLP Citi III

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Summary of Investment Information

Project Number

36386

Company Name

CITIBANK N.A.

Date SPI Disclosed

Feb 3, 2015

Country

World Region

Region

Global

Projected Board Date

Mar 9, 2015

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : May 15, 2015
Signed : Jun 29, 2015
Invested : Jul 22, 2015

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The proposed project falls under the Global Trade Liquidity Program (“GTLP”), an innovative and well received trade finance program launched by the International Finance Corporation (“IFC”) in 2009. The GTLP provides liquidity or guarantees thereby helping banks grow their credit limits, manage risk and support trade in the emerging markets. Since its launch, the GTLP has supported more than US$36 billion in trade (one third of which in IDA markets) involving over 13,000 SMEs.

The proposed project involves establishing a funded risk sharing facility (the “Facility”) with Citibank N.A. (“Citibank” or the “Bank”) for the purpose of providing short term trade financings to various emerging market issuing banks.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	600.0
Equity

Development Impact

The Facility is expected to have the following development impacts:
- Increased access to finance: The project will increase access to finance for the Emerging Market importers and exporters. Improved availability of credit is expected to benefit producers and importers along the value chain and therefore support growth, sustain employment, and encourage the generation of higher incomes.
- Strong demonstration effect by catalyzing other Development Finance Institutions ("DFIs") to support Emerging Market trade finance: By supporting Emerging Market finance in partnerships with banks, the facility could have a significant demonstration impact on local market development, and encourage greater local/regional bank participation in trade finance which could ultimately increase access to finance for importers and exporters.

E&S Category Rationale / Risks and Mitigation

This project is the renewal of the $270 million GTLP to Citi and has been classified as a category FI-3 according to the IFC’s Environmental and Social Review Procedure. As a GTLP project, the applicable requirement is the IFC’s Exclusion List. Citibank is an existing client; each trade pool will be supported by underlying documentation with the designated banks. The agreement with Citibank will specify that the underlying goods to the transaction will meet the requirements of the IFC’s Exclusion List and require Citibank to report on implementation on an annual basis. IFC will also review the details of the underlying trade transactions.

Contacts

For Inquiries About the Project, Contact

Anurag Chaudhary
Global Head
Trade Risk Distribution
Trade & Treasury Services
T +44 20 7508 6559
Email: mailto:anurag.chaudhary@citi.com

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