Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesMore than 100 representatives from 52 banks from the Caucasus, Central Asia, Mongolia, Pakistan, and Turkey gathered at a forum convened by the Asian Development Bank’s (ADB) Trade Finance Program (TFP) to discuss ways of closing market gaps for trade finance. They also exchanged views on strategies to improve environmental and labor standards and prevent money laundering in the global financial system.
“Bringing our clients and partners together in this way has been a great opportunity to exchange ideas and collaborate,” said TFP’s Relationship Manager for Central Asia, Mongolia, and the Caucasus Ms. Nana Khurodze. “It’s clear to us as well that forging relationships among banks in the region through gatherings like this one can foster greater intra-regional trade.”
Supply chain finance, including ADB’s new supply chain finance program as a vehicle to close market gaps, particularly among small and medium-sized companies, was also a topic for discussion. Banks expressed considerable interest in working with ADB to boost supply chain financing support, undertake relevant training, and learn more about environmental and social safeguards.
Backed by ADB’s AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. Since 2009, ADB’s TFP has supported more than 12,000 small and medium-sized businesses across developing Asia—through over 16,600 transactions valued at over $30 billion—in sectors ranging from commodities and capital goods to medical supplies and consumer goods.
In 2017, TFP supported approximately $4.5 billion in trade through 3,505 transactions, 80% of which supported small and medium-sized enterprises. TFP has grown by about 40% in the first 10 months of 2018 compared with 2017. TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, risk management, and fraud prevention.
Original source: ADB
Published on 15 November 2018