Possibly the defining feature of the financial crisis in relation to trade finance has been the increased importance of multilateral institutions such as the International Finance Corporation and national export credit agencies. At the G20’s prompting, a plethora of support schemes and guarantees were created while the remits of various national and multinational bodies were widened. For example, while historically the IFC has been charged with growing the private sector, it now specifically addresses emerging markets. “The crisis shows that world institutions can rise to the occasion with solutions such as the IFC’s Global Trade Liquidity Programme, which is designed to support trade in developing countries,” says Tan Kah Chye, global head of trade finance at Standard Chartered. “Other multilaterals such as the Opec Fund for International Development have expanded into areas they never previously addressed. Overall, it is a positive development that public/private partnerships have been deepened.” ...