Asian Development Bank (ADB) has signed trade finance agreements of a total of $40 million with four local banks.
According to the contracts, the ADB along with City Bank, Mutual Trust Bank, Pubali Bank and Southeast Bank will ensure loans and guarantees for the local companies including small and medium enterprises involved in export and import, said a media release of ADB on Thursday.
ADB Head of Trade Finance Steven Beck said: “The agreements will help create economic growth and jobs.”
City, Mutual Trust and Pubali joined the ADB's trade finance programme (TFP) while Southeast earlier remained a part of it.
“Bangladesh is a very active country under ADB’s Trade Finance Program that has good experiences with the local banks. We are pleased to be expanding our relationships and coverage here. We look forward to continuing this trend,” said Edward Faber, Trade Finance Programme relationship manager for Bangladesh, ADB.
The programme has provided above $2.2 billion to Bangladesh since 2009 as trade finance support. With the latest pact, the number of local banks under TFP has reached 15.
The 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.
With dedicated trade finance specialists and a response time of 24 hours, the programme has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
