Dhaka, Bangladesh (BBN)-The Asian Development Bank (ADB) on Thursday signed trade finance program agreements for a total value of $40 million with four Bangladesh Banks.
The banks are The City Bank, Mutual Trust Bank, Pubali Bank, and Southeast Banks, said a press release of ADB.
“Under these agreements, ADB and our Bangladesh bank partners will provide loans and guarantees to support exporting and importing companies in Bangladesh, including small and medium-sized enterprises,” said Steven Beck, ADB’s head of trade finance.
“This agreement will help create economic growth and jobs.”
The City Bank, Mutual Trust Bank, and Pubali Bank are all new banks joining the Trade Finance Program, while Southeast Bank—which is already part of the program—has signed a new agreement for a funded facility.
“Bangladesh is a very active country under ADB’s Trade Finance Program. 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 Program relationship manager for Bangladesh.
The program 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 will reach 15.
Backed by ADB’s AAA credit rating, the Trade Finance Program 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 program 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, the Trade Finance Program has supported more than 7,000 small and medium-sized 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.