AKIPRESS.COM - The Asian Development Bank (ADB), through its Trade Finance Program (TFP), has expanded its support for stronger trade finance in Uzbekistan through an intensive training for staff of JSCB Uzpromstroybank, the ADB reported.
The 2-day seminar delivered information on pre-export and post-import finance, supply chain finance, transaction structures, and client sales analysis.
“We are delighted with this partnership with Uzpromstroybank to facilitate their capacity building initiatives on trade finance,” said Investment Specialist at ADB's Trade Finance Program Ms. Nana Khurodze. “This tailored training approach targets our partner bank’s staff to help strengthen and expand trade and supply chain finance, which are important vehicles for companies to grow in Uzbekistan.”
Uzpromstroybank is one of the leading banks in Uzbekistan and has been a partner bank of the ADB’s Trade Finance Program since 2013. It was awarded as the Leading Partner Bank in Uzbekistan during the 2018 TFP Awards.
“We highly appreciate this trade and supply chain finance training from ADB as this undoubtedly impacts positively on our bank’s trade finance services,” said the First Deputy Chairman of the Board of Uzpromstroybank Mr. Sakhi Annaklichev. “We warmly greet ADB representatives in Uzbekistan. We hope that this training seminar will be a bridge to further broaden and sustain the partnership between our institutions. This training will help us in adhering to high standards of ADB that we would also like to adopt.”
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 small and medium-sized enterprises 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.