BAKU, Azerbaijan, Apr. 2
By Ilkin Seyfaddini – Trend:
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Asia Alliance Bank from Uzbekistan today signed an agreement to provide guarantees supporting trade in the country,Trend reports citing the ADB press service.
ADB’s TFP works with six partner banks in Uzbekistan. As of 2019, TFP supported $1.44 billion in trade over 530 transactions, 65 percent of these is co-financed by the private sector.
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 around 20,000 SMEs across developing Asia—through over 26,000 transactions valued at over $41 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
Asia Alliance Bank has successfully operated in Uzbekistan since 2009. The bank has consistently worked to expand the scale of its operations, strengthen financial stability and maintain competitive market positions and high rating indicators. It has successfully developed its branch network and expanded its product range, established cooperative partnerships with leading foreign banks, payment systems and international financial institutions, and strengthened its domestic and international reputation.
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.
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