GENEVA, July 6 (Xinhua) -- Donors formally committed funds on Monday to the 50-billion-U.S.-dollar Global Trade Liquidity Program (GTLP), triggering the first disbursements to importers and exporters in developing countries to help reverse the decline in trade resulting from the economic crisis.

    GTLP funds will start to disburse through the first four participating banks providing trade finance through a network of more than 500 banks in over 70 developing countries across all regions, the World Bank said in a statement released in Geneva.

    Program partners and banks, which have together mobilized more than 6 billion U.S. dollars, gathered in Geneva on Monday at an event hosted by World Trade Organization (WTO) Director-general Pascal Lamy and World Bank Group President Robert Zoellick, to mark the launch of the GTLP following its announcement at a meeting of the Group of 20 nations in April.

    "At the G20 Summit in London, leaders pledged to support trade finance. I am glad to show in the context of the Global Aid for Trade Review that we are on track," Lamy said at the event, which was held as part of the WTO's Second Global Review of Aid for Trade.

    "This is vital for developing countries, many of which have seen trade decrease for lack of availability and affordability of trade finance," Lamy said.

    "As a result of the concerted efforts of the partner governments, development finance institutions, and banks, GTLP has quickly moved from concept to reality and will start to provide significant support for trade in developing countries," said Zoellick at the event.

    The first four banks participating in the program are Standard Chartered Bank, Citigroup, Rabobank Nederland, and Standard Bank of South Africa.

    Global trade is expected to decline 10 percent in 2009, marking the biggest drop in at least 80 years. Developing countries, which are particularly dependent on trade, are especially vulnerable, the World Bank statement said.

    GTLP is designed to reduce that vulnerability of developing countries by raising funds from international finance and development institutions, governments, and banks, and by working through global and regional banks to extend trade finance to importers and exporters.