Trade finance is the engine of an estimated $14 trillion in annual global commerce and is fundamental to the movement of goods at all stages of the supply chain, especially in emerging markets. Trade has been recognized as a key driver of global integration and gross domestic product growth in developing countries.
To support this critical aspect of the global economy, IFC launched its Global Trade Finance Program (GTFP) in 2005 to extend unfunded support through guarantees for individual trades. In 2008, the Global Trade Liquidity Program (GTLP) was conceived to channel liquidity quickly to targeted markets by providing trade credit lines and refinancing portfolios of trade assets held by selected banks. These two award-winning programs have since facilitated $40 billion in trade to and from emerging markets.
In late 2010, capitalizing on the success of the GTFP and GTLP, IFC formed its Trade and Supply Chain Department, which integrates supply chain financing and other trade facilitation initiatives with its two existing trade finance programs.
IFC's Global Head of Trade and Supply Chain, Bonnie Galat, is responsible for business development for Trade and Supple Chain products with global financial institutions and is based in the Paris office.