IFC and Crédit Agricole renew $2 billion trade finance deal

The International Finance Corporation (IFC) and Crédit Agricole (CIB) have announced a Significant Risk Transfer structure covering a $2 billion portfolio, the organizations stated. IFC has provided a $95 million financial guarantee for Crédit Agricole CIB that will help originate new trade finance commitments for emerging markets over the next years. This structure frees up capital that Crédit Agricole CIB will redeploy to achieve this objective.

The transaction comes as global trade faces headwinds from geopolitical events, supply chain disruptions, and tightening financial conditions. The IMF projects trade volume growth in Emerging Markets and Developing Economies will slow from 5.4% in 2024 to 4.6% in 2026, making targeted interventions necessary to sustain growth and jobs. The deal will strengthen financial connectivity between international investors and emerging market banks, supporting supply chain continuity and cross-border commerce.

Enhanced trade finance will directly benefit exporters, importers, and SMEs—the backbone of economic activity in emerging economies—leading to job creation and higher income levels. The project benefits from Crédit Agricole CIB’s long-standing experience in SRT transactions with a protected portfolio of trade finance and corporate facilities for emerging market-related exposures and redeployment objectives jointly defined with IFC.

“This project demonstrates how long-term partnerships for capital markets solutions can enable private investment to close the trade finance gap in emerging markets,” said Mohamed Gouled, VP of Industries at IFC. “By working with Crédit Agricole CIB, we are not only expanding access to finance but also strengthening supply chains and creating jobs where they are needed most.” Olivier Bélorgey, Deputy Chief Executive Officer and Finance Director at Crédit Agricole CIB, noted the bank’s commitment to accompany socially relevant lending, calling it a business segment “in the DNA for Crédit Agricole CIB and the Group.”

In a potential second phase of this project, a leading global investor would assume a portion of IFC’s exposure, with further participation by private investors in future SRT transactions implemented by IFC. The move aims to mobilize additional private capital to address the persistent trade finance gap that limits economic growth and job creation in developing economies.