- The African Development Bank (AfDB) in collaboration with Standard Bank of Southern Africa (SBSA) and the IFC, will celebrate the launching of the first transaction under the Global Trade Liquidity Programme (GTLP), with Standard Bank South Africa (SBSA) in Istanbul.
The disbursement follows the approval of the GTLP by the AfDB Board of Directors on in July this year.
This event will trigger the first disbursements to importers and exporters in African countries to help reverse the decline in trade resulting from the economic crisis. The event will also address the request made by the Board of Directors that the Bank be visible in GTLP and that all GTLP transactions be given high importance, the Bank said in a statement released today.
The launch will take place on 6 October, 2009 in Istanbul, where the Bank will also inform members on its crisis response, the Trade Finance Initiative and promote the GTLP as a donor coordination response to the crisis.
The GTLP is one element of the Bank’s USD 1 billion Trade Finance Initiative in response to the financial crisis. It is a collaborative crisis response initiative among development finance institutions, bilateral and multilateral organisations, and governments to mobilise funding targeted to support trade finance in the developing world on a temporary basis.
Under the GTLP, around $4-5 billion will be mobilised and disbursed to individual banks in phases over the next three to nine months. Funding will go to eight to ten global or regional banks with extensive trade finance presence in the developing world through a number of investment structures to extend liquidity for trade financing to reach under-served clients globally.
The overall impact of GTLP is estimated to be approximately $50 billion of emerging market trade, of which 15 billion will be targeting Africa.
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