• Thursday, Nov 26, 2020
  • Last Update : 02:52 am

ADB inks $40m trade finance deal with four banks

  • Published at 06:45 pm March 31st, 2016
ADB inks $40m trade finance deal with four banks

The Asian Development Bank (ADB) and four local banks have signed trade finance programme agreements for a total value of $40 million.

Under the agreements, ADB and the City Bank, Mutual Trust Bank, Pubali Bank and Southeast Bank will provide loans and guarantees to support exporting and importing companies in Bangladesh, including small and medium-size enterprises, said ADB in a statement yesterday.

Steven Beck, ADB’s head of trade finance, said: “This agreement will help create economic growth and jobs.”

Southeast Bank is already a part of the programme while the three others are joining the trade finance programme (TFP) for the first time.

“Bangladesh is a very active country under ADB’s Trade Finance Programme. ADB’s TFP has had good experiences working with banks in Bangladesh and 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.

The programme has provided more than $2.2 billion in trade finance support in Bangladesh since 2009 through more than 1,400 transactions.

With these latest agreements, the total number of banks under TFP in Bangladesh reaches 15.

Backed by ADB’s AAA credit rating, 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.

Since 2009, TFP has supported more than 7,000 small and medium-size enterprises across the region, with about 10,000 transactions valued at over $20 billion in sectors ranging from commodities and capital goods to medical supplies and consumer goods. 

blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail