The World Bank’s International Finance Corporation (IFC) and Citi have agreed to implement a $500 million facility in Mexico as the first project under the umbrella of a $2 billion sustainable supply chain finance program focused on emerging markets.
According to the IFC, this is the largest project to date under its Global Supply Chain Finance Program (GSCF), launched in 2022.
The program was developed in response to global supply chain disruptions and is reportedly designed to help address supply chain finance gaps for SMEs and expand access to sustainable supply chain finance.
“We are pleased to partner with a market leader such as Citi on this groundbreaking program,” said Nathalie Louat, Global Director of Trade and Supply Chain Finance at IFC.
“The role of trade and supply chain finance in facilitating the goods and services essential for sustainability is paramount, and this program will enable suppliers in Mexico, some of whom may not traditionally be considered bankable, to receive such financing,” added Louat.