Is this corporate PR or something more substantive? You decide.
NEW YORK, September 8, 2009 - J.P. Morgan Treasury Services today announced that it has joined the World Bank and its funding partners to launch a $1 billion funding facility as part of the Global Trade Liquidity Program (GTLP), a unique initiative that brings together governments, development finance institutions, and commercial banks to support trade in emerging markets. The agreement is designed to stimulate trade growth by extending funded trade financing to J.P. Morgan's client banks in emerging markets.
The J.P. Morgan facility is expected to support estimated trade flows of up to $6 billion annually. Per the agreement, J.P. Morgan will provide 60% or $600 million, and GTLP program partners including development finance institutions and governments will purchase participations for the other 40%, or $400 million in the aggregate, for trade assets averaging a tenor of 270 days.http://www.jpmorgan.com/tss/General/J_P_Morgan_Joins_Global_Trade_Liquidity_Program_with_World_/1252275895022