International Chamber of Commerce and Finastra team up to tackle the trade finance gap
PARIS and LONDON, March 10, 2021 /PRNewswire/ -- The International Chamber of Commerce (ICC) and Finastra have committed to a strategic initiative to tackle the growing trade finance gap.
- PARIS and LONDON, March 10, 2021 /PRNewswire/ -- The International Chamber of Commerce (ICC) and Finastra have committed to a strategic initiative to tackle the growing trade finance gap.
- There is a large and growing trade finance gap representing a mismatch between demand for and supply of trade financing, estimated at $1.5T pre-COVID-19 and potentially reaching $2.5T by 2025.
- Pascal Lamy, President of the Paris Peace Forum and Former Director-General, World Trade Organization said, "For many SMEs, access to trade finance is access to trade.
- As the trade finance gap continues to grow, especially amidst the pandemic, so too do obstacles to trade, export growth and economic prosperity.