Citi, IFC to develop $1.25B funding facility (AP)
Mon, 15 Jun 2009 13:58:56 Etc/GM
The facility will be used to grow trade in emerging markets over a three-year period. The facility is expected to generate $7.5 billion in trade flows as the $1.25 billion will be used six times during the three-year program.
Citi will provide $750 million for the facility, while the IFC and other development agencies will supply $500 million.
As part of the facility, New York-based Citigroup will provide trade finance transactions for emerging market banks in Asia, Latin America, Central and Eastern Europe, the Middle East and Africa. Those banks in turn will extend financing to local companies.
The facility is part of the World Bank's Global Trade Liquidity Program.
Shares of Citigroup fell 4 cents to $3.43 in morning trading.
source: http://biz.yahoo.com/ap/090615/us_citigroup_ifc_partnership.html?.v=1