• Wednesday, Jul 15, 2020
  • Last Update : 01:46 am

ADB expands trade finance program to support Bangladesh’s private sector

  • Published at 12:24 pm June 2nd, 2020
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Photo: Mehedi Hasan/Dhaka Tribune

The TFP will work with 12 partner banks in Bangladesh to mobilize private sector capital and fill market gaps by providing guarantees and loans to support trade

The Asian Development Bank (ADB) has expanded the Trade Finance Program (TFP) to support private sector in Bangladesh by raising its financing limit to $755 million from $518 million at the end of last year.

“Given the impact of Covid-19 on the economy, particularly availability of credit for private sector in Bangladesh, enhancement of the TFP will increase liquidity, help boost businesses, raise exports and imports, increase jobs, and contribute to economic growth and development,” said ADB Country Director Manmohan Parkash said a press release issued on Tuesday.

The TFP will work with 12 partner banks in Bangladesh to mobilize private sector capital and fill market gaps by providing guarantees and loans to support trade.

Noting Bangladesh is one of the most active TFP countries, Parkash said: “The program has so far supported $814.6 million in trade, with 70.7% co-financing by the private sector, over 1,367 transactions, as of December 31, 2019.”

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