New York: IFC, a member of the World Bank Group, and Standard Chartered Bank have signed a risk sharing facility, which will increase the amount of renminbi (RMB) denominated trade finance available to Chinese banks, as well as corporates and businesses in China and across Asia and other emerging markets involved in imports and exports to China, a press release for IFC said yesterday.
The facility of up to RMB3bn ($500m equivalent) brings together leading market players and is anchored with an investment of up to $250m from Standard Chartered and $100m from IFC in a 50:50 risk participation agreement. An additional $100m has been mobilised from the Korea Development Bank (KDB), as well as $50m from Swiss Re Corporate Solutions through its subsidiary Swiss Re International SE.
The Peninsula
