ADB expands partnership with SMBC to boost trade financing in developing Asia

The Asian Development Bank (ADB) and Sumitomo Mitsui Banking Corporation (SMBC) signed an agreement to promote more than $100 million of trade annually across developing Asia. Under the agreement, signed on the sidelines of the International Chamber of Commerce Banking Commission’s annual meeting, ADB and SMBC will provide financing to support trade transactions in some of developing Asia’s more challenging markets.

“We are very pleased to expand our partnership with SMBC, especially under our newly launched funded trade finance product, which provides liquidity to banks in developing member countries,” said Investment Specialist at ADB’s Trade Finance Program (TFP) Mr. Santosh Pokharel. “These partnerships aim to provide more support for small and medium-sized enterprises (SMEs) and underpin growth and jobs to lift people from poverty and improve living standards.”

The agreement is expected to finance more than $100 million in trade each year, which will help both importers and exporters in developing Asia. SMEs are expected to be the biggest beneficiaries.

Previous collaboration between SMBC and ADB has focused on supporting trade in Bangladesh, Pakistan, Viet Nam, and other countries in developing Asia.

Headquartered in Tokyo, SMBC is a leading Japanese financial institution and a core member of the Sumitomo Mitsui Group. It is present in more than 39 countries and regions across the globe, out of which 14 are in Asia.

Original source: ADB
Published on 12 April 2019