Summary of Proposed Investment
Project Number
31243
Company Name
WELLS FARGO BANK, NATIONAL ASSOCIATION
Date SPI Disclosed
Sep 20, 2011
Country
Middle East, Pakistan, and Afg Region
Industry
Financial Markets
Projected Board Date
Oct 20, 2011
Status
Completed
Sector
Trade Finance
Department
Global Trade & Supply Chain
Environmental Category
C - No Impact
Previous Events
Approved : Jan 12, 2012
Signed : Apr 10, 2012
Project Description
The proposed project involves an unfunded risk participation where IFC will provide an unfunded guarantee of up to $100 million for up to 3 years to Wells Fargo Bank on a trade finance portfolio of up to $200 million that issuing banks in emerging markets (“EMIBs”) originate in Egypt, Tunisia, Algeria, Morocco and Turkey (“Targeted Countries”). IFC will seek to obtain a counter-guarantee for up to 50% of IFC’s exposure from other development/international finance institutions (“Program Partners”).
The proposed project is a direct fit with the IFC’s strategic focus to increase the access to finance for local EMIBs in Targeted Countries by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the MENA region. The proposed investment is a timely response to the political instability in the MENA region at a time when EMIBs and international banks are seeking IFC support to maintain or increase their trade volume in the region.
The proposed project is a direct fit with the IFC’s strategic focus to increase the access to finance for local EMIBs in Targeted Countries by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the MENA region. The proposed investment is a timely response to the political instability in the MENA region at a time when EMIBs and international banks are seeking IFC support to maintain or increase their trade volume in the region.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Norman Buchbinder
SVP and Senior Lender GFI Portfolio Strategies and Credit Origination Wells Fargo Bank | 40 West 57th Street, 16th Floor | New York, NY 10019 MAC J0151-160
Tel 212-707-6923 | Fax 212-707-6920
Norman.buchbinder@wellsfargo.com
SVP and Senior Lender GFI Portfolio Strategies and Credit Origination Wells Fargo Bank | 40 West 57th Street, 16th Floor | New York, NY 10019 MAC J0151-160
Tel 212-707-6923 | Fax 212-707-6920
Norman.buchbinder@wellsfargo.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