The World Bank’s private sector arm on Thursday launched a credit facility aimed at stimulating $50bn worth of trade among developing countries that are facing calamity following the evaporation of finance for the exports on which their economies depend.

Amid protestations that the Group of 20 summit is in danger of overlooking the needs of all but the wealthiest countries, the International Finance Corporation has put up $1bn from its balance sheet and is confident other multilateral lenders and governments will top up the pot to reach the $5bn target.