‘G20 leaders nearing $250 bn trade deal’

G20 leaders are close to agreeing $250 bn to support trade flows,a source at the summit said.

Group of 20 leaders are close to agreeing a package of $250 billion in financing to support global trade flows,a source at the summit in London said on Thursday.

“The leaders are close to agreement that they will insure availability of at least $250 bln over the next two years to support trade finance through export credit and investment agencies and through multi-lateral development banks,” the source said,speaking on condition of anonymity.

UK Prime Minister Gordon Brown had spoken before the summit of targeting a deal worth $100 billion to boost trade. The European Union’s trade chief said on Wednesday the amount needed to support finance of international flows was in reality about 230 billion euros ($304 billion).

World Bank President Robert Zoellick on Tuesday also said it would create a trade financing programme worth $50 billion and officials at the summit said the $250 billion would include that package.

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