47185 - GTLP CITI V Increment

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Summary of Investment Information

Project Number

47185

Company Name

CITIBANK N.A.

Date SPI Disclosed

Oct 27, 2022

Country

World Region

Region

Global

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Nov 22, 2022

Department

CFGCR - Global Industry, Financial Markets/Client Relationship-FIG

Industry

Financial Markets

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The project is an increase to an existing funded risk sharing facility with Citibank, N.A. (Citi) in a portfolio of trade-related assets (the existing project #45495 originally disclosed in June 2021), in which IFC shares risk up to 50%-50% in a portfolio of trade related assets. The proposed investment will increase the portfolio by $800 million.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	400.0
Equity

Development Impact

By sustaining Citi's ability to provide trade finance services, despite global macroeconomic challenges, the Project is intended to address the global trade finance gap and increase and/or maintain access to trade finance for ultimate stakeholders including Emerging Markets Issuing Banks ("EMIBs") and underlying importers and exporters in Emerging Markets. In addition, it is aimed at promoting global financial and economic integration by increasing the delivery of trade finance to EMIBs, resulting in more support of trade activities across markets through a wide geographical coverage and potentially grow the enabling platform of the correspondent banking network for EMIBs.

Financial additionality is derived by IFC's countercyclical role in assisting Citi to sustain and expand its support to EMIBs at a time of regional and global macroeconomic challenges and liquidity constraints as a result of COVID-19 and the Russia-Ukraine conflict. IFC's role will help maintain and expand the availability of trade finance through Citi's relationships with EMIBs across many Emerging Markets and Developing Economies (EMDEs). Specifically, IFC's additionality is derived from the combination of its: (i) successful experience with rapid crisis response efforts, especially in the trade finance space; (ii) extensive network of banks that support global EMs; (iii) set of programs aimed at investing both large scale and transactional liquidity and capital for trade finance and working capital in EMs; (iv) ability to support private sector clients in addressing liquidity constraints in response to the COVID-19 crisis and in providing critical goods, equipment, and supplies; (v) ability to help clients re-direct supply chains; and (vi) support for 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 Project will not support (i) trade in goods of companies exposed to higher risk activities 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. The Project will also not support (ii) trade in coal for use as a fuel or (iii) any activities on the IFC?s Trade Finance Exclusion List. 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.

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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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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