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The GTLP operates as a risk-sharing facility that simplifies the confirmation of export letters of credit or standby letters of credit for commercial transactions that require a bank guarantee in a number of emerging markets.
The GTLP has targeted commitments of $4bn from public sector sources with forecasts stating the partnership will be able to support $45bn of trade in three years.
IFC Program Partners in the GTLP include governments, development finance institutions and multilateral agencies.
The GTLP is a World Bank initiative of USD 5 billion to provide financing
Zoellick said: "We welcome the tremendous degree of cooperation between public and private sector institutions that allows us to come together to launch the GTLP for developing countries.
Several of the GTLP logic devices are currently sampling with prices varying according to the device required.
The contribution would make GTLP the single-largest contributor to African trade finance.
Therefore the GTLP aligns well with both regional member countries and bank priorities," says Bobby Pittman, AfDB Vice President for Infrastructure, Private Sector and Regional Integration.
The agreement is part of the Global Trade Liquidity Programme (GTLP), a trade finance initiative announced earlier this week by the World Bank.
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