Citi, IFC May Launch $1.25 Billion Funding Alliance
Citigroup and International Finance, a private sector arm of the World Bank, are launching a $1.25 billion partnership to cash in on opportunities arising from the scarcity of credit, the Financial Times reported.
Citi will provide $750 million to banks in Asia, the Middle East, Africa and Latin America over a three-year period, while IFC [IFC 0.845 0.025 (+3.05%) ] and other participating development organizations will invest up to $500 million, the paper said on its website.
Citi is aiming to get a lead over its competitors by tapping into opportunities arising from
The third-largest U.S. bank expects the total funding to support up to $7.5 billion in trade flows over the three years as the loans will be short term and the funds will be reinvested once borrowers repay, the FT said.
“While this is a lucrative business for Citi, our goal is, hopefully, that prices will go down as more funds are made available”, John Ahearn, head of trade finance at Citi, told the paper.
www.cnbc.com
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