GLOBAL TRADE FINANCE PROGRAM
GLOBAL TRADE FINANCE PROGRAM
GLOBAL TRADE FINANCE PROGRAM
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<strong>GLOBAL</strong><br />
<strong>TRADE</strong> <strong>FINANCE</strong> <strong>PROGRAM</strong><br />
ICC Banking Commission Meeting<br />
Bonnie Galat<br />
October 2007
Global Trade Finance Program<br />
• US$ 1 billion Program<br />
• Goals:<br />
Global FI network<br />
Responsive: same-day<br />
Value-added: Africa region,<br />
Smaller banks, SMEs, South-<br />
South, Post-crisis
GTFP’s Responsive Platform<br />
• Covers all private sector trade transactions<br />
̌importer must be majority privately owned<br />
• Covers all bona fide trade finance instruments<br />
• Covers all goods in accordance with IFC’s exclusion list<br />
• Requests for cover via SWIFT communication<br />
• Dedicated trade unit<br />
• Training and technical assistance provided<br />
3
GTFP Guarantees<br />
• AAA Rated – Basel II benefits<br />
• Cover country and commercial risk<br />
• Cover payment risks related to:<br />
Import LCs, standby LCs, prom notes, bills of<br />
exchange<br />
• Structured as a Standby LC under the UCP 600<br />
• Commercial pricing<br />
• Payable after 15 days of claim<br />
4
Trade Applications<br />
• Import Finance<br />
• Pre-Export Finance<br />
• Bid & Performance Bonds<br />
• Advance Payments<br />
5
Typical GTFP Transaction: Import LCs<br />
L/C in favor of exporter<br />
Payment<br />
Payment<br />
Payment<br />
Importer<br />
Request<br />
L/C Issuance<br />
Local<br />
Bank<br />
(Issuing)<br />
International<br />
Bank<br />
(Confirming)<br />
Confirm<br />
L/C<br />
Exporter<br />
Documents<br />
Documents<br />
Goods<br />
Documents<br />
IFC<br />
STANDBY<br />
AAA<br />
STANDBY - UCP 600<br />
6
Pre-Export Financing<br />
Goods<br />
Pre-export Financing<br />
Pre-export Funding<br />
Exporter<br />
Request<br />
Pre-export<br />
Advance<br />
Local<br />
Bank<br />
SBLC/ PN for<br />
Pre-export<br />
Funding<br />
International<br />
Bank<br />
Importer<br />
Request<br />
IFC Gtee for<br />
Pre-Export<br />
Loan<br />
IFC<br />
STANDBY<br />
AAA<br />
IFC Gtee<br />
STANDBY - UCP 600<br />
7
Referred to to as as ‘Guarantee’<br />
but but actually issued issued as as<br />
‘Standby LC’ LC’ subject to to<br />
UCP UCP 600. 600.<br />
Form of of IFC IFCGuarantee<br />
TO:<br />
TO:<br />
[THE<br />
[THE<br />
CONFIRMING<br />
CONFIRMING<br />
BANK] DETAILS<br />
BANK] DETAILS<br />
OF<br />
OF<br />
ELIGIBLE<br />
ELIGIBLE<br />
<strong>TRADE</strong><br />
<strong>TRADE</strong><br />
INSTRUMENT<br />
INSTRUMENT<br />
WE<br />
WE<br />
HEREBY<br />
HEREBY<br />
OPEN<br />
OPEN<br />
OUR<br />
OUR<br />
IRREVOCABLE<br />
IRREVOCABLE STANDBY (I)<br />
STANDBY (I) LETTER FORM<br />
LETTER FORM<br />
OF<br />
OF OF THE<br />
OF THE CREDIT ELIGIBLE<br />
CREDIT ELIGIBLE NO.<br />
NO.<br />
XXXX<br />
XXXX<br />
IN<br />
IN<br />
YOUR<br />
YOUR<br />
FAVOUR<br />
FAVOUR<br />
UNDER<br />
UNDER<br />
THE<br />
THE<br />
TERMS<br />
TERMS<br />
OF<br />
OF<br />
THE<br />
THE<br />
LETTER INSTRUMENT,<br />
LETTER INSTRUMENT, OF<br />
OF<br />
AGREEMENT REF<br />
AGREEMENT REF<br />
NO:<br />
NO: BETWEEN<br />
BETWEEN<br />
OURSELVES<br />
OURSELVES<br />
AND<br />
AND<br />
YOURSELVES<br />
YOURSELVES<br />
DATED<br />
DATED (II) DDMMYY<br />
DDMMYY<br />
(THE<br />
(THE<br />
“CONFIRMING<br />
“CONFIRMING<br />
BANK<br />
(II)<br />
ISSUING<br />
ISSUING<br />
BANK:<br />
BANK:<br />
BANK<br />
AGREEMENT”).<br />
AGREEMENT”).<br />
OUR<br />
OUR<br />
IRREVOCABLE<br />
IRREVOCABLE<br />
STANDBY<br />
STANDBY<br />
LETTER<br />
LETTER<br />
OF<br />
OF<br />
CREDIT<br />
CREDIT<br />
IS<br />
IS<br />
ISSUED<br />
ISSUED<br />
IN<br />
(III)<br />
IN<br />
SUPPORT<br />
SUPPORT<br />
OF<br />
OF<br />
THE<br />
THE<br />
FOLLOWING<br />
FOLLOWING<br />
INSTRUMENT (III)<br />
CONFIRMING<br />
INSTRUMENT (THE CONFIRMING<br />
BANK:<br />
(THE“ELIGIBLE BANK:<br />
INSTRUMENT”):<br />
INSTRUMENT”):<br />
(IV)<br />
AMOUNT<br />
AMOUNT<br />
OF<br />
OF<br />
THE<br />
THE<br />
IFC<br />
IFC<br />
STANDBY<br />
STANDBY<br />
LETTER<br />
LETTER<br />
OF (IV)<br />
STATED<br />
OF<br />
CREDIT:<br />
CREDIT:<br />
UP STATED<br />
FACE<br />
UP<br />
TO<br />
TO<br />
XXX FACE<br />
AMOUNT<br />
XXX<br />
XXX
GTFP: Evolution of a Program<br />
October 2006 (1 st yr) October 2007 (2 nd yr)<br />
Ceiling: US$ 500 million<br />
Coverage: 40 banks in<br />
21 countries<br />
86 Confirming Banks<br />
12 mo: US$ 438 million<br />
Ceiling: US$ 1 billion<br />
Coverage: 85 banks in<br />
46 countries<br />
115 Confirming Banks<br />
12 mo: US$ 902 million<br />
9
115 Confirming Banks in 64 countries<br />
ABN AMRO<br />
Ahli United Bank<br />
American Express Bank<br />
Anglo Irish Bank<br />
ANZ<br />
BAC Florida<br />
Banca delle Marche Spa<br />
Banco Alfa de Investimento S.A.<br />
BancoBICE<br />
Banco do Brasil S.A.<br />
Banco Commercial Portugues S.A<br />
Banco Espirito Santo<br />
Banco Internacional del Peru S.A.A (Interbank)<br />
Banco Galicia<br />
Banco Patagonia S.A.<br />
Banco Popular<br />
Banco Português de Negócios<br />
Banco Santander Central Hispano S.A.<br />
Banco Sabadell<br />
Bank Austria Creditanstalt<br />
Bank of America<br />
Bank of Beijing<br />
Bank Danamon<br />
Bank Leumi leIsrael B.M.<br />
BankMuscat<br />
Bank of Montreal<br />
Bank of China<br />
Bank of Nova Scotia<br />
Bank of Tokyo Mitsubishi UFJ, Ltd.<br />
Banesto<br />
Banque LibanoFrancaise (BLF)<br />
BB&T<br />
Banco Bilbao Vizcaya Argentaria (BBVA)<br />
BHF<br />
Banco BPI, S.A.<br />
Berliner Volksbank eG<br />
BLADEX<br />
BNP Paribas<br />
British Arab Commercial Bank Limited<br />
Banca Agricola Mantovana<br />
Byblos Bank SAL<br />
Caixa Catalunya<br />
Caixa Geral de Depósitos<br />
Caja Madrid<br />
Calyon<br />
China Construction Bank<br />
Citibank N.A.<br />
CoBank<br />
Commercial Bank of Ceylon<br />
Commerzbank<br />
Commonwealth Bank of Australia<br />
Danske Bank<br />
Deutsche Bank<br />
Dresdner Bank<br />
DNB Nor Bank ASA<br />
Emirates Bank<br />
FIMBANK plc.<br />
FirstRand Bank Ltd.<br />
Fortis Bank NV/SA<br />
Garanti Bank<br />
GarantiBank International N.V.<br />
Ghana International Bank<br />
Bank Hapoalim<br />
Hemisphere National Bank<br />
HSBC<br />
HVB<br />
Industrial Bank, China<br />
ING Belgium<br />
ING Bank N.V.<br />
Intesa SanPaolo Spa<br />
Is Bank<br />
Itaú BBA<br />
JP Morgan Chase<br />
KeyBank<br />
KBC<br />
LaCaixa<br />
LBBW<br />
Lloyds TSB<br />
Mashreqbank<br />
Mizrahi Tefahot Bank<br />
Mizuho Corporate Bank<br />
M&T Bank<br />
NATIXIS<br />
National Bank of Dubai<br />
National Bank of Kuwait<br />
National City<br />
Nordea<br />
Nord/LB<br />
OCBC Bank<br />
OKO Bank plc<br />
RZB<br />
Royal Bank of Scotland<br />
Regions Bank<br />
SEB<br />
Sovereign Bank<br />
Standard Bank Plc<br />
Standard Bank South Africa<br />
Standard Chartered Bank<br />
Sumitomo Mitsui<br />
Svenska Handelsbanken<br />
Swedbank<br />
The Bank of New York<br />
TorontoDominion Bank<br />
Turkiye Ekonomi Bankasi (TEB)<br />
Turkiye Is Bankasi<br />
U.B.A.F.<br />
Unibanco<br />
UBS<br />
U.S. Bank<br />
VTB Bank (France) SA<br />
Wachovia<br />
WestLB<br />
Whitney National Bank<br />
Yapi Kredi<br />
Zurcher Kantonalbank<br />
10
League Table: Top 20 Confirming Banks ($)<br />
1. BNP Paribas<br />
2. ANZ Bank<br />
3. Wachovia<br />
4. Citibank<br />
5. HSBC<br />
6. Deutsche Bank<br />
7. Commerzbank<br />
8. American Express Bank<br />
9. Dresdner<br />
10. Intesa Sanpaolo<br />
11. Mashreqbank<br />
12. Nordea<br />
13. Caja Madrid<br />
14. Fortis<br />
15. SMBC<br />
16. Standard Chartered<br />
17. National City Bank<br />
18. Natixis<br />
19. Scotiabank<br />
20. LBBW<br />
11
Issuing Banks Coverage so far…<br />
85 Banks in 46 countries<br />
Signed<br />
In process<br />
12
85 Issuing Banks in 46 countries (1)<br />
AFRICA<br />
Angola<br />
Banco de Fomento Angola<br />
DRC<br />
Raw Bank<br />
Gambia<br />
Access Bank<br />
Ghana<br />
Ecobank<br />
Merchant Bank of Ghana<br />
Trust Bank<br />
Kenya<br />
Barclays<br />
I&M Bank<br />
Habib Bank Ltd.<br />
Kenya Commercial Bank<br />
Prime Bank<br />
Liberia<br />
LBDI<br />
Mauritania<br />
Générale de Banque<br />
de Mauritanie<br />
Mauritius<br />
Habib Bank Ltd.<br />
Mozambique<br />
BDC<br />
Nigeria<br />
Access Bank<br />
Diamond Bank<br />
First City Monument Bank (FCMB)<br />
Guaranty Trust Bank (GTB)<br />
Intercontinental Bank<br />
IBTC<br />
Zenith<br />
Sierra Leone<br />
Guaranty Trust Bank<br />
Rokel<br />
Sierra Leone Commercial Bank<br />
Seychelles<br />
Habib Bank Ltd.<br />
Tanzania<br />
Exim Bank<br />
Uganda<br />
Orient Bank<br />
LATIN AMERICA AND<br />
CARIBBEAN<br />
Argentina<br />
BBVA Banco Francés<br />
Banco Patagonia<br />
Banco Supervielle<br />
Bolivia<br />
Banco Mercantil<br />
Brazil<br />
BIC Banco<br />
Banco Comercial Uruguai S.A.<br />
Banco Mercantil do Brasil<br />
Banco BMC<br />
Banco Alfa de Investimento<br />
Banco Indusval SA<br />
Daycoval<br />
Dominican Republic<br />
Banco Leon<br />
Ecuador<br />
Bolivariano<br />
Guayaquil<br />
Internacional<br />
Produbanco<br />
Haiti<br />
Capital Bank<br />
Mexico<br />
Monex Financiera SA<br />
Nicaragua<br />
Banco de Finanzas<br />
Uruguay<br />
Nuevo Banco Comercial<br />
13
85 Issuing Banks in 46 countries (2)<br />
ASIA<br />
Bangladesh<br />
BRAC Bank<br />
Dhaka Bank<br />
Eastern Bank<br />
EXIM Bank<br />
Habib Bank Ltd<br />
Southeast Bank<br />
Bhutan<br />
Bhutan National Bank<br />
Cambodia<br />
ACLEDA<br />
China<br />
Bank of Beijing<br />
Indonesia<br />
PT Bank Danamon<br />
Maldives<br />
Habib Bank Ltd.<br />
Mongolia<br />
Trade & Development Bank<br />
Xac Bank<br />
Nepal<br />
Bank of Kathmandu<br />
NIC Bank<br />
Sri Lanka<br />
Habib Bank Ltd.<br />
National Development Bank<br />
Nations Trust Bank<br />
Vietnam<br />
Exim Bank<br />
Sacombank<br />
MIDDLE EAST &<br />
NORTH AFRICA<br />
Afghanistan<br />
Habib Bank Ltd<br />
Lebanon<br />
Banque Libano- Francais<br />
Fransabank<br />
Bank of Beirut<br />
Habib Bank Ltd.<br />
Malta<br />
FIMBank plc.<br />
Jordan<br />
Bank of Jordan<br />
Capital Bank of Jordan<br />
Pakistan<br />
Bank Alfalah<br />
Askari<br />
Habib Bank Ltd.<br />
Habib Metropolitan Bank<br />
Soneri<br />
Yemen<br />
Sana Islamic Bank<br />
E. EUROPE/<br />
CENTRAL ASIA<br />
Armenia<br />
Armeconombank<br />
Azerbaijan<br />
Azerigazbank<br />
Respublika<br />
Unibank<br />
Kazakhstan<br />
Bank CenterCredit<br />
Kosovo<br />
RZB Kosovo<br />
Moldova<br />
Mobias Banca<br />
Russia<br />
Credit Bank of Moscow<br />
Absolut<br />
Locko Bank<br />
Russian Standard Bank<br />
Turkey<br />
Habib Bank Ltd.<br />
14
GTFP Program Profile (as of 9-30-07)<br />
GTFP TRANSACTIONS – 24 mos.<br />
Cumulative Program Statistics<br />
• TOTAL # / $ OF GTEES 1077 / $1.3 B<br />
• TOTAL <strong>TRADE</strong> SUPPORTED $1.9 B<br />
• AVERAGE TENOR 6 months<br />
• MEDIAN GTEE VALUE US$ 300K<br />
• TXNS< US$ 1 MIL. 75%<br />
• TXNS< US$ .5 MIL 58%<br />
• SOUTH-SOUTH <strong>TRADE</strong>S 33%<br />
• % “Frontier” Markets 71%<br />
15
Regional Breakdown of Guarantees(US$)<br />
MENA<br />
11%<br />
ASIA<br />
3%<br />
LAC<br />
25%<br />
AFRICA<br />
55%<br />
ECA<br />
5%<br />
16
Goods Facilitated by GTFP (top ten)<br />
CONSTRUCTION<br />
SERVICES<br />
4%<br />
PLASTIC AND<br />
RUBBER PRODUCTS<br />
3%<br />
TELECOMMUNICATIONS<br />
AND<br />
INFORMATION<br />
2%<br />
TEXTILES, APPAREL<br />
& LEATHER<br />
5%<br />
STEEL PRODUCTS<br />
7%<br />
CHEMICALS AND<br />
PETROCHEMICALS<br />
31%<br />
AUTOMOTIVE &<br />
PARTS<br />
8%<br />
CONSUMER GOODS<br />
10%<br />
COMMODITIES<br />
10%<br />
INDUSTRIAL GOODS<br />
20%<br />
17
Top Import/Export Countries<br />
Export Countries (Total 73)<br />
1. Brazil<br />
2. Argentina<br />
3. China<br />
4. Netherlands<br />
5. Japan<br />
6. United States<br />
7. France<br />
8. Israel<br />
9. United Kingdom<br />
10. Singapore<br />
11. Benin<br />
12. Turkey<br />
13. India<br />
14. Germany<br />
15. Italy<br />
16. Switzerland<br />
17. Ukraine<br />
18. Belgium<br />
19. Sweden<br />
20. Finland<br />
Import Countries (Total 83)<br />
1. Nigeria<br />
2. United States<br />
3. Lebanon<br />
4. Russia<br />
5. Kenya<br />
6. Ghana<br />
7. Bangladesh<br />
8. United Kingdom<br />
9. Netherlands<br />
10. UAE<br />
11. Brazil<br />
12. Italy<br />
13. Chile<br />
14. Switzerland<br />
15. Ecuador<br />
16. Venezuela<br />
17. Pakistan<br />
18. Jordan<br />
19. Argentina<br />
20. Hong Kong<br />
18
European Exports Facilitated by GTFP<br />
Latin America<br />
Argentina<br />
Brazil<br />
Ecuador<br />
Mexico<br />
Uruguay<br />
350 Gtees for US$<br />
346 Million<br />
Eastern Europe and<br />
Central Asia<br />
Armenia<br />
Azerbaijan<br />
Moldova<br />
Cyprus<br />
Kazakhstan<br />
Mongolia<br />
Russia<br />
Turkey<br />
Africa<br />
Angola<br />
Ghana<br />
Kenya<br />
Liberia<br />
Mauritania<br />
Mozambique<br />
Nigeria<br />
Tanzania<br />
Sierra Leone<br />
Sudan<br />
Uganda<br />
Middle East and Asia<br />
Bangladesh<br />
Hong Kong<br />
Pakistan<br />
Singapore<br />
Sri Lanka<br />
Jordan<br />
Lebanon<br />
Morocco<br />
Syria<br />
Yemen<br />
19
Training Programs FY07-FY11<br />
US$ 10 Million in plan for Trade Trainings<br />
250 Training Programs planned over 4 years<br />
E-Learning<br />
Importer/Exporter<br />
Workshop<br />
Basic Training<br />
Advanced Training<br />
Treasury<br />
IT<br />
Long-term Advisor<br />
Short-term Advisory<br />
20
GTFP Contacts<br />
Georgina Baker<br />
Senior Manager<br />
Washington, DC<br />
+1/202.473.3175<br />
Gbaker@ifc.org<br />
Rogers LeBaron<br />
Senior Advisor<br />
Washington, DC<br />
+1/202.458.7518<br />
Rlebaron@ifc.org<br />
Bonnie Galat<br />
Head – Sales & Marketing<br />
Washington, DC<br />
+1/202.473.5335<br />
Bgalat@ifc.org<br />
H. Scott Stevenson<br />
Head – Trade Operations<br />
Washington, DC<br />
+1/202.458.5697<br />
Sstevenson@ifc.org<br />
Antonio Alves<br />
Trade Specialist- Latin America<br />
Washington, DC<br />
+1/202.458.5056<br />
Aalves1@ifc.org<br />
Raquel Segrera<br />
Trade Specialist- Latin America<br />
Bogota, Colombia<br />
+57/1.319.2364<br />
rsegrera@ifc.org<br />
Gboyega Songonuga<br />
Trade Specialist - Africa<br />
Johannesburg, South Africa<br />
+27/11.731.3133<br />
Gsongonuga@ifc.org<br />
Sabrina Borlini<br />
Trade Specialist - Africa<br />
Johannesburg, South Africa<br />
+27/11.731.3142<br />
Sborlini@ifc.org<br />
Mark Rozanski<br />
Trade Specialist - E. Europe and Central Asia<br />
Washington, DC<br />
+1/202.473.4640<br />
Mrozanski@ifc.org<br />
Priyamvada Singh<br />
Trade Specialist - Asia & Middle East<br />
Washington, DC<br />
+1/202.458.4786<br />
Psingh3@ifc.org<br />
Zeynep Ersel<br />
Marketing Officer<br />
Washington, DC<br />
+1/202.458.2502<br />
Zersel@ifc.org<br />
Makiko Toyoda<br />
Projects Officer<br />
Washington, DC<br />
+1/202.458.0142<br />
Mtoyoda@ifc.org<br />
Junia Ngondo<br />
Trade Advisory Operations Officer<br />
Johannesburg, South Africa<br />
+27/11.731.3025<br />
jngondo@ifc.org<br />
Montserrat Ganuza<br />
Operations Supervisor<br />
Washington, DC<br />
+1/202.458.5615<br />
Mganuza@ifc.org<br />
Li Tang<br />
Operations Assistant<br />
Washington, DC<br />
+1/202.473.7678<br />
Ltang@ifc.org<br />
Beatrix Von Heintschel<br />
Operations Assistant<br />
Washington, DC<br />
+1/202.473.0071<br />
bvonheintschel@ifc.org
Check It Out!<br />
www.ifc.org/GTFP<br />
23
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