PROJECT

Projects

Summary of Proposed Investment

Project Number

28940

Company Name

INTESA SANPAOLO SPA

Date SPI Disclosed

May 18, 2010

Country

Southern Europe Subregion

Industry

Financial Markets

Projected Board Date

Jun 24, 2010

Status

Completed

Sector

Trade Finance

Department

Regional Industry FIG LAC & EUR

Environmental Category

C - No Impact

Previous Events

Approved : Jul 22, 2010
Signed : Oct 9, 2010

Project Description

The proposed project involves an unfunded risk participation in which IFC with support from development finance institutions (“DFIs”), bilateral and multilateral organizations, and governments and government/development agencies (collectively the “Program Partners”) will provide risk participation of up to $240 million to Intesa Sanpaolo S.p.A. (“Intesa Sanpaolo” or the “Bank”) for a portfolio of trade transactions originated by issuing banks in emerging markets (“EMIBs”) located primarily in Europe and Central Asia. The project seeks to provide Intesa Sanpaolo with credit risk mitigation to allow it to continue to expand its emerging markets trade finance portfolio, while simultaneously supporting EMIBs that have been adversely affected by the financial and economic crisis. Program Partners will likely include the Swedish International Development Cooperation Agency (“SIDA”) and the OPEC Fund for International Development (“OFID”).

The proposed project is a second phase of IFC’s multi-faceted Global Trade Liquidity Program (“GTLP”), which was developed as a crisis response. The GTLP-Guarantee is an unfunded, portfolio-based, trade-focused program with mobilization from development finance institutions and governments to extend portfolio-based guarantees for trade finance to reach under-served clients globally.

Sponsor / Cost / Location

Development Impact