45495 - GTLP CITI V

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Summary of Investment Information

Project Number

45495

Company Name

CITIBANK N.A.

Date SPI Disclosed

Jun 11, 2021

Country

World Region

Region

Global

Projected Board Date

Jun 3, 2021

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Aug 5, 2021

Department

CFGPD - Global Industry, Financial Markets/Trade & Supply Chain, Products

Industry

Financial Markets

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The proposed investment is a funded 50-50% risk-sharing facility with Citibank, N.A. (“Citi”) in a portfolio of trade-related assets for up to US$1.2 billion with IFC investment of up to US$600 million (the “Project”).

The 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 to more fully utilize their credit limits, manage risk and support trade in the emerging markets. The GTLP which is now part of the wider World Bank Group’s response to the global outbreak of coronavirus, will augment trade limits helping to support the continued flow of trade transactions and critical commodities in countries facing financing challenges and disruption of cash flow.

Through the Project, IFC will play a countercyclical role during crisis, especially at times when other lending institutions or investors’ appetite may be subdued as negative economic impact is worsening in the rapid spread of COVID-19.

Associated Advisory Engagement

Sponsor / Cost / Location

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

Development Impact

The development impact thesis shared by all projects under the IFC Crisis Response Facility is that by supporting clients' capacity to sustain operations during an acute shock, IFC works to best position the private sector to support the economic recovery process, helping to shorten the time it may take for the most vulnerable to return to their traditional income-earning opportunities.

IFC's additionality is driven largely by its countercyclical role during crises, especially at times when other lending institutions or investors' appetite may be subdued. Under the IFC Crisis Response Facility, it is the combination of: (i) IFC's successful experience with rapid crisis response efforts, especially in the trade finance space; (ii) its extensive network of banks that support global emerging markets; (iii) its set of programs aimed at investing both large scale and transactional liquidity and capital for trade finance and working capital in emerging markets; (iv) its ability to support private sector clients to help address liquidity constraints partly in response to COVID-19 and to provide critical goods, equipment, and supplies; (v) its ability to help clients re-direct supply chains; and (vi) its support to continued employment in countries of operation.

E&S Category Rationale / Risks and Mitigation

This Project will support short-term trade finance activities and therefore has been classified as a Category FI-3 project according to IFC Sustainability Policy. The trade finance activities that would be supported by the Project will be required to meet the requirements of IFC Exclusion List and other exclusions such as coal and palm oil-related activities. The Project will not support any activities with significant E&S concerns such as (a) involuntary resettlement, (b) risk of adverse impacts on Indigenous Peoples, (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, or (d) significant occupational health and safety risks. IFC will have the ability to exclude or suspend from participating in the Project any EMIBs based on their E&S performances and ability to implement IFC E&S requirements. Each trade pool will be supported by underlying documentation with the designated bank, and the agreement with Citi will specify that the underlying traded goods meet IFC requirements and will require Citi to report on implementation. IFC will also review each underlying transaction to confirm it meets the exclusion criteria.

Given the E&S risk nature of this project, development of a robust ESMS was not needed.

Contacts

For Inquiries About the Project, Contact

Citibank
Barbara Kobelt

+1 212 816 1063
Barbara.kobelt@citi.com
388 Greenwich Street, 25th Floor, New York, NY 10013
www.citi.com

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Fax: 202-974-4384

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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