Home Business IFC, ING Bank unveil $500m facility to support global commodities trade

IFC, ING Bank unveil $500m facility to support global commodities trade

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The International Finance Corporation (IFC) and the ING Bank N.V. on July 5, 2012 launched a $500 million facility aiming at reducing the risk of food and energy shortages and to help maintain stable prices for buyers in emerging markets.

The facility under the IFC?s Critical Commodities Finance Programme is said to enable the continued trade of crops, as well as energy imports, needed to enhance labour productivity, maintain economic growth, and sustain poverty reduction in developing countries.

Both institutions will each contribute $250 million to the risk-sharing facility, said the IFC.

Launched in January 2012, the Critical Commodities Finance Programme finances exports and imports of agricultural commodities and inputs globally, and imports of energy into the world?s poorest countries.

The initiative is expected to mobilize about $18 billion in funding through 2014.

By Ekow Quandzie

View the original article here

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