AKIPRESS.COM - The Asian Development Bank (ADB) today gathered more than 40 representatives from Uzbekistan's central bank and 12 local banks to discuss recent developments in international trade finance, the ADB said in press release.
The ADB Trade Finance Program’s (TFP) experts updated the gathering on how trade finance is evolving in the region and globally, and shared recent case studies to support efforts by local banks to improve their trade finance products.
“Our trade finance conferences aim to deliver the ‘know-how’ that leads to more finance flowing to companies, including small and medium-sized enterprises (SMEs) to support trade,” said Investment Specialist at ADB’s Trade Finance Program Ms. Nana Khurodze. “Access to trade finance of these companies underpins growth, job creation, and better living standards.”
The workshops are designed to assess the experience of local banks and how it might be applied to the future expansion of their product line. They also keep banks updated about developments in international trade finance.
TFP works with 6 banks from Uzbekistan and has supported $1.4 billion in trade through 509 transactions as of April 2019. TFP has mobilized $801 million in cofinancing with banks domiciled in Uzbekistan. This cofinancing helps leverage ADB resources and brings more support for ADB’s developing member countries as well as exports, imports, growth, and job creation.
Backed by ADB's AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s TFP has supported more than 15,000 SMEs across developing Asia—through over 21,000 transactions valued at over $36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
In 2018, TFP grew almost 40% to support $6.2 billion in trade through 4,470 transactions. TFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and initiatives to fight crime through greater transparency in the global financial system. TFP also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.