MDBs and WTO make trade vow amid COVID-19 crisis

Multilateral development banks and the World Trade Organization have pledged to provide urgently needed support for trade during the coronavirus crisis.

In a joint statement, the WTO, European Bank for Reconstruction and Development, International Finance Corporation, the Asian Development Bank, the African Development Bank and the International Islamic Trade Finance Corporation, said: “We … pledge to work together to ensure that trade finance remains available through this difficult period, just as we did during the global financial crisis of 2008-10. We … will join forces to monitor ongoing developments and act to fill financing gaps that emerge. We prioritize our support to areas in the world where such support is needed most, particularly the poorest countries. We also call on other institutions, trade credit insurers, central banks, other public-backed and private sector institutions to join current efforts and support essential trade finance transactions.” 

Stepping up its support under its Trade Facilitation Programme, the EBRD provided amplified financing for trade with a record €1.5 billion for the first five months of 2020 in the 38 economies in Europe, Asia and Africa where it currently invests.