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ADB expands trade finance

Star Business Desk
The Asian Development Bank (ADB) has extended its trade finance facilitation programme (TFFP) in Bangladesh by inking 12 more agreements under the programme in Southeast .Asia yesterday, said a press release.
The agreements were made with Bank Asia, BASIC Bank, Dhaka Bank, Dutch-Bangla Bank, Eastern Bank, Export Import Bank of Bangladesh, National Bank, Premier Bank, Prime Bank, Southeast Bank, Standard Bank and United Commercial Bank.
The deal should give the banks additional room to offer trade finance support to importers and exporters in Bangladesh, providing additional impetus for the local economy.
“Just as in other developing countries, some firms in Bangladesh, particularly smaller compa-
nies, find it difficult to get hold of trade finance that they need to buy key components and final goods from overseas or to insure timely payments they are selling abroad," said Paul Heytens, country director of ADB Bangladesh Resident Mission.
The TFFP, set up in 2004, was expanded to a $1 billion programme in March after ADB perceived a growing and urgent need to help address the lack of finance that was holding back trade, particularly in developing economies.
The programme also links banks and firms in developing economies to global trade and banking hetworks, building relationships and spurring knowledge sharing that will help banks and their clients in the longer term.
Under the programme, the triple-A rated ADB provides loans and guarantees through, and in conjunction with, local and international banks to
back trade transactions.
In the first 10 months of this year, the programme supported over SI.3 billion in trade, a 125 percent increase over the $578 million that it supported in 2008.
"In our increasingly globalised world, it is essential that banks and companies are able to fully participate in the gradual recovery of the world economy. By bolstering trade, jobs are created and family incomes increase, reducing poverty and directing spending into the local and global economises," said Philip Erquiaga, director general of ADB Private Sector Operations Department that manages the trade finance programme.
This year, ABD has expanded its trade finance programme into a number of countries for the first time, while the number of participating banks elsewhere has also increased.