Geneva, July 6, 2009—Donors formally
committed funds today to the $50 billion Global Trade Liquidity Program
(GTLP), triggering the first disbursements to importers and exporters in
developing countries to help reverse the decline in trade resulting from
the economic crisis.
GTLP funds will start to disburse through
the first four participating banks providing trade finance through a network
of more than 500 banks in over 70 developing countries across all regions.
Program partners and banks, which have together mobilized more than $6
billion, gathered in Geneva today at an event hosted by World Trade Organization
Director-General Pascal Lamy and World Bank Group President Robert B. Zoellick
to mark the launch of the GTLP following its announcement at a meeting
of the Group of 20 nations in April.
Speaking at the event, which was held
as part of the World Trade Organization’s Second Global Review of Aid
for Trade, Lamy said, “At the G20 Summit in London, leaders pledged to
support trade finance. I am glad to show in the context of the Global Aid
for Trade Review that we are on track. This is vital for developing countries,
many of which have seen trade decrease for lack of availability and affordability
of trade finance.”
Zoellick said, “As a result of the
concerted efforts of the partner governments, development finance institutions,
and banks, GTLP has quickly moved from concept to reality and will start
to provide significant support for trade in developing countries.”
Program partners include the African
Development Bank, the United Kingdom Department for International Development
and the CDC Group, the Department of Finance, Canada and the Ministry for
Foreign Affairs, Netherlands, the Japan Bank for International Cooperation,
the OPEC Fund for International Development, and the Saudi Fund for Development.
The first four banks participating in the program are Standard Chartered
Bank, Citigroup, Rabobank Nederland, and Standard Bank of South Africa.
Global trade is expected to decline
10 percent in 2009, marking the biggest drop in at least 80 years. Developing
countries, which are particularly dependent on trade, are especially vulnerable.
GTLP is designed to reduce that vulnerability by raising funds from international
finance and development institutions, governments, and banks, and by working
through global and regional banks to extend trade finance to importers
For more information about the World Trade Organization visit www.wto.org.
Media contact: Josep Bosch, Tel: +41-22-739-5681 Email: Josep.Bosch@wto.org.
About GTLP Partners
For more information about the African Development Bank visit www.afdb.org.
Media contact: Nicol Onike, Tel: +21671103227, Email: O.Nicol@afdb.org.
For more information about the Department of Finance, Canada visit www.fin.gc.ca.
Media contact: Jack Aubry, Tel: +613-996-8080.
For more information about the CDC Group visit www.cdcgroup.com.
Media contact:Miriam de Lacy, Tel +44 207 963 4711, Email: email@example.com.
For more information about Citigroup visit www.citigroup.com.
Media contact: Nina Das, Tel: +212-816-9267, Email: Nina.Das@citi.com.
For more information about the UK’s Department for International Development
Media contact: Ben Price, Tel: +44 0207 215 3377, Email: firstname.lastname@example.org.
For more information about Rabobank visit www.rabobank.com.
Media contact: Mr.
Rene Loman, Tel: + 31 30 216 26 22,
For more information about Standard
Bank visit www.standardbank.co.za.
Media contact: Erik Larsen, Tel: +27 83 252 7678, Email: Erik.Larsen@standardbank.co.za.
For more information about Standard Chartered Bank visit www.standardchartered.com.
Media contact: Valerie Tay, Tel: +65 6725 7792, Email: Valerie.Tay@sc.com.
For more information about the World Bank Group visit www.worldbank.org,
Media contact: Lotte Pang, Tel: +12027584290, Email: LPang@ifc.org.