July 5 The World Bank's investment arm and ING
Bank said on Thursday they would partner in a $500
million facility to ensure that food and energy traders continue
to have access to finance at a time when bank lending is
The International Finance Corp and ING will each contribute
$250 million to the facility that "aims to improve the flow of
energy and agricultural commodities in the developing world,"
IFC director for global trade and supply chain solutions,
Georgina Baker, said in a statement.
In particular, the facility will include support for
agricultural commodity exports from Russia and other countries
in Eastern Europe, which are most exposed to the effects of the
euro zone debt crisis.
As European banks reduce lending to cope with increased
recapitalization requirements and a fallout from the turmoil in
the euro zone, commodity traders are increasingly finding it
difficult to tap financing.