According to DBS, the facility hopes to bridge the record global trade finance gap of around US$2.5 trillion, a number that was first mentioned in a survey by the Asian Development Bank. The facility also aims to accelerate economic progress across these regions.
The International Finance Corporation (IFC), a member of the World Bank Group, has signed a US$500 million ($674.1 million) facility with DBS Group Holdings. The facility, which is under IFC’s global trade liquidity programme, aims to promote capital and trade flows in emerging markets across Asia, Africa, the Middle East and Latin America.
This is the first financing engagement facilitated under the memorandum of understanding (MOU) signed by IFC and Enterprise Singapore in 2023. The MOU was signed to catalyse financing for Singapore enterprises in emerging markets.
