Standard Chartered Signed a $700m Deal with IFC To Aid Global Trade Finance

According to recent news, Standard Chartered has encountered a deal worth $700m with the International Finance Corporation (IFC) in the IFC’s Global Trade Liquidity Programme (GTLP) to aid global trade finance.

This renewed funding with GTLP is expected to support up to $6.4bn in trade over three years through aiding around 850 importers and exporters of commodities and essential goods across Asia, the Middle East and Latin America. Earlier, Standard Chartered launched sustainable supply chain finance in the Middle East.

Since 2009 when it was launched, the GTLP has witnessed a massive reach and has delivered a strong impression on supporting trade in emerging markets, especially those embraced by the International Development Association.

Standard Chartered has been associated with GTLP since its inception and its funding has assisted over $20.5bn in global trade via over 150 emerging market issuing banks in 37 nations across 17,746 transactions, without any discrepancies, as per the organization’s statement.

“We are delighted to renew the GTLP, a well-established association with the IFC since 2009 which is evidence of both organizations’ steady commitment towards decreasing the trade finance gap. ” Sunil Kaushal, regional CEO for Africa and the Middle East at Standard Chartered stated.

“In the current challenging post-pandemic macro environment, this arrangement can assist in keep facilitating much-required liquidity to boost trade flows and incur economic growth. This partnership emphasizes what we do as a bank and is in complete coordination with our agenda of reconstructing globalization.”

“The combined operations of Standard Chartered and the IFC Trade & Supply Chain Department over the years have assisted in supporting trade in emerging markets, a vital component of development and employment creation,” said Mohamed Gouled, the IFC’s vice president.

“Given our coordinated impressions, shared visions for resilient development and ability to incorporate capital and expertise where our assistance is required the most, I look forward to keeping innovating together and to further spreading our strong partnership in trade with an improved focus on sub-Saharan Africa and aiding smaller suppliers further down the supply chain.”

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