Summary of Proposed Investment
Project Number
29923
Company Name
COMMERZBANK AG
Date SPI Disclosed
Sep 3, 2010
Country
Africa Region
Industry
Financial Markets
Projected Board Date
Oct 11, 2010
Status
Completed
Sector
Trade Finance
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Sep 29, 2010
Signed : Dec 17, 2010
Project Description
The project (ID 29923) is for IFC and partners ((through IFC) other development finance institutions, “DFIs”) to assume an unfunded trade finance risk participation for up to $175 million in the “Continental Africa” trade finance portfolio of Commerzbank AG, a bank incorporated in Germany, and located at Kaiserplatz, 60261 Frankfurt am Main Germany, structured under IFC Global Trade Liquidity Program (“GTLP”) Initiative.
GTLP which was originally started as part of IFC’s multi-faceted global financial crisis response offers both funded and unfunded solutions (“GTLP-G”). GTLP provides IFC with a flexible platform from which to support the extension of funded and unfunded trade products to under-served clients globally. GTLP-G is an extension of the GTLP and seeks to offer unfunded solutions. It has high relevance for Africa where unfunded transactions are both typical and where there is need for unfunded participations. The proposed investment will be leveraged with resources from other DFIs as well as Commerzbank AG, a partner with an established footprint in emerging markets trade finance.
GTLP which was originally started as part of IFC’s multi-faceted global financial crisis response offers both funded and unfunded solutions (“GTLP-G”). GTLP provides IFC with a flexible platform from which to support the extension of funded and unfunded trade products to under-served clients globally. GTLP-G is an extension of the GTLP and seeks to offer unfunded solutions. It has high relevance for Africa where unfunded transactions are both typical and where there is need for unfunded participations. The proposed investment will be leveraged with resources from other DFIs as well as Commerzbank AG, a partner with an established footprint in emerging markets trade finance.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ruediger Geis
Senior Product Manager Trade Services
Commerzbank AG
Financial Institutions
60261 Frankfurt am Main
Telephone: +49 69 136 2 98 59
Telefax: +49 69 136 2 98 40
Mobile: +49 172 695 72 50
ruediger.geis@commerzbank.com
Or
Frauke Gutzeit
Product Manager Trade Services
Commerzbank AG
Financial Institutions
60261 Frankfurt am Main
Telephone: +49 69 136 8 11 62
Telefax: +49 69 136 2 98 40
frauke.gutzeit@commerzbank.com
Senior Product Manager Trade Services
Commerzbank AG
Financial Institutions
60261 Frankfurt am Main
Telephone: +49 69 136 2 98 59
Telefax: +49 69 136 2 98 40
Mobile: +49 172 695 72 50
ruediger.geis@commerzbank.com
Or
Frauke Gutzeit
Product Manager Trade Services
Commerzbank AG
Financial Institutions
60261 Frankfurt am Main
Telephone: +49 69 136 8 11 62
Telefax: +49 69 136 2 98 40
frauke.gutzeit@commerzbank.com
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster