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U.S. markets recover from steep losses
NEW YORK, June 15 (UPI) -- Ailing U.S. financial giant Citigroup said Monday it would invest $750 million in financing to help boost international trade.
The bank said it would partner with the International Finance Corp., the private sector of the World Bank, to create a $1.25 billion fund that would be lent to exporters through banks in Asia, the Middle East, Africa and Latin America, the Financial Times reported Monday.
The World Bank said the lack of trade credit -- short-term loans that cover goods in shipment -- has contributed substantially to the drop off in international trade.
Citigroup said the fund would support $7.5 billion in international trade through 2012.
"The issue has been: has global trade weakened because of lack of credit or lack of demand? This IFC programme helps to answer the first question," John Ahearn, head of trade finance at Citi, told the Financial Times.
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