BAKU, Azerbaijan, July 23. The Asian Development Bank (ADB) within its Trade and Supply Chain Finance Program (TSCFP) signed a new loan agreement with Turonbank Joint Stock Commercial Bank of Uzbekistan to support trade in the country, Trend reports via Uzbek bank.
Trade and Supply Chain Finance Program has channeled $2.1 billion to support trade in Uzbekistan through 767 transactions. In addition to filling market gaps, the aim of the TSCFP is to mobilize capital and engage the private sector in developing countries in Asia. Of the total amount directed to Uzbekistan under the program, $1.2 billion was co-financed by the private sector. In 2021 alone, TFTSP supported 121 transactions worth $327.9 million, of which $166 million was co-financed by the private sector.
ADB's Trade and Supply Chain Finance Program fills market gaps for trade and supply chain finance by providing guarantees and loans to banks to support trade.