49729 - TECF Citi

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Summary of Investment Information

Project Number

49729

Company Name

TECF Citi

Date SPI Disclosed

Oct 3, 2024

Country

World Region

Region

Global

Projected Board Date

Nov 4, 2024

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

May 1, 2026

Department

Global Trade & Supply Chain

Industry

Financial Markets

Previous Events

Approved : Nov 11, 2024
Signed : Apr 15, 2026

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The proposed investment is the first Trade Enabled Climate Finance (“TECF”) investment structured as a 50:50 unfunded risk-sharing facility with Citibank, N.A. (“Citi”) for corporate and commercial banking trade finance transactions. TECF investment will cover up to $2 billion Trade Loans originated by Citi in Emerging Markets (“EMs”) - with IFC investment of up to US$1 billion (“the Project”). The Project has the express goal of facilitating a minimum of $500 million of climate finance, and an additional $50 million of social finance for women-owned SMEs by Citi over a 3-year period.

The TECF is an innovative structure which is designed to enable IFC to increase the share of climate and social financing in the trade finance asset class. Leveraging IFC’s short term finance products to increase climate-related lending is particularly important now in view of the increasing value proposition and impact these products have demonstrated.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	1000.0
Loan
Equity

Development Impact

By sustaining Citi's ability to provide trade finance services in EMs despite major global macroeconomic challenges, the Project is intended to address the trade finance gap and increase and/or maintain access to trade finance for ultimate stakeholders including importers and exporters in EMs, as well as increase Citi's capacity to supporting climate finance. In addition, the Project is aimed at promoting global financial and economic integration of domestic markets into global value chain by increasing the delivery of trade finance, resulting in more support of trade activities across markets given its wide geographical coverage and the diversity of trade corridors targeted.

Increased access to climate finance: Through this innovative structure, IFC expects to widen access to climate finance from partner Utilization Banks (UBs) such as Citi as they redeploy released capital to the financing of eligible projects. IFC will also guide UBs to promote climate finance by using the newly established guidelines to be jointly published with other Multilateral Development Banks(MDBs).Increased access to trade finance for Importers and Exporters in EMs: The program will increase the ability of UBs to support trade finance in emerging markets by increasing available headroom and reducing the risk of extending facilities to importers and exporters banked directly by UBs.

E&S Category Rationale / Risks and Mitigation

This Project will support exclusively short-term trade finance activities, including climate and gender-related finance, and has been classified as a Category FI-2 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 (iii) trade in Oil & Gas products, (iv) mining, or (v) any activities on the IFC’s Trade Finance Exclusion List. IFC will have the ability to exclude or suspend any obligor from participating in the Project based on their E&S performances. Each covered transaction will be supported by underlying documentation with Citi, and IFC’s agreement with Citi will specify that the underlying transactions meet IFC requirements, and these will be reported to IFC on a periodic basis. IFC will also review the underlying transactions to confirm the exclusion criteria are met and the facilities supported by the released capital will also be reported to IFC on a periodic basis for review and confirmation that they meet the eligibility criteria. IFC reserves the right to request additional details on the covered trade finance facilities from Citi as required.

Contacts

For Inquiries About the Project, Contact

Citibank, N.A.
Dustin O, Ling
Director
+1-212-816-9187
lingd@citi.com
388 GREENWICH ST, NEW YORK, NY 10013
https://www.citi.com/

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