AKIPRESS.COM - The Asian Development Bank’s (ADB) Trade Finance Program (TFP) held its second TFP Bank Twinning program in Central Asia between Ameriabank from Armenia and Hamkorbank from Uzbekistan.
The TFP Bank Twinning leverages the expertise and strength of TFP’s more advanced partner bank to train its twin bank by transferring relevant trade finance operations knowledge. As one of the capacity building instruments of ADB’s TFP, this initiative provides more tailor-fit institutional development support to trade finance banks. It is also expected to forge closer regional business links, leading to increased intra-regional trade and cooperation in developing Asia.
TBC Bank of Georgia and Citibank hosted and trained Bank Eskhata from Tajikistan during the pilot launch of the TFP Bank Twinning in November 2017.
“ADB aims to provide a sustainable avenue in reinforcing the capacity-building benefits of its Bank Twinning program, especially for Hamkorbank. Both banks are TFP’s important partners and we hope that this opportunity will increase the trade finance operations of Hamkorbank and support Ameriabank’s exploration of new trade finance opportunities,” said TFP Relationship Manager at ADB Ms. Nana Khurodze.
ADB’s TFP has supported over $116.5 million in trade through 384 transactions in Armenia since 2012, 51% of which have been small and medium-sized enterprises-related (SMEs) deals. Meanwhile, TFP has supported over $1.3 billion in trade through 474 transactions in Uzbekistan since 2010, with 65% targeting SMEs. In 2017, ADB’s TFP has supported over $1.6 billion in trade through 571 transactions in Central Asian countries, 75% of which have been SME-related deals.
Ameriabank, the first TFP partner bank in Armenia to use the revolving credit facility, has since successfully implemented many trade finance transactions of strategic importance to the Armenian economy. Using its large banking network and close relations with major international financial institutions, coupled with its flexible and innovative approach to trade finance transactions, Ameriabank offers its customers tailored trade finance solutions designed to service their best interests.
Hamkorbank is the largest privately-owned bank located outside Tashkent and is the market leader in remittances in Uzbekistan. Hamkorbank offers a wide array of banking services with SMEs being 53% of its clientele.