Milan, Italy-based UniCredit Group has teamed up with International Finance Corporation (IFC), a World Bank Group, KfW IPEX-Bank of Germany, Nedbank Capital, a Division of Nedbank Group, South Africa and Northstar Trade Finance of Canada to set up a joint platform. Termed as ‘Global Export Finance Limited’ (GEFL), the platform will serve as a co-operation vehicle for medium to long-term export finance transactions backed by Export Credit Agencies (ECAs).
This initiative aims to combat the crisis in global trade finance through combining the expertise and market access of commercial banks with the guarantee instruments of Export Credit Agencies (ECAs) and the resources and support of the IFC.
GEFL will work with commercial banks and ECAs to expand export volumes by engaging local banks, promoting the use of local currency, and broadening the number of emerging market companies able to participate in ECA financing.
