ADB Strengthens Trade Finance Support to Uzpromstroybank
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The Asian Development Bank's (ADB) Trade Finance Program (TFP) signed an agreement with Uzbek Industrial and Construction Bank JSCB (Uzpromstroybank) on the sidelines of the 2018 TFP Awards and Partners Dinner held in Singapore on 4 September. As TFP's partner bank in Uzbekistan, Uzpromstroybank will be able to help local exporters trade in new and challenging markets in developing Asia.
Uzpromstroybank is TFP's Leading Partner Bank in Uzbekistan for 2018 and with this confirming bank agreement, we hope that TFP will further help Uzpromstroybank in overcoming intra-regional challenges related to export finance, said ADB Relationship Manager for Uzbekistan Ms. Nana Khurodze.
ADB's TFP supported over $1.3 billion in trade through 474 transactions in Uzbekistan since 2010, with 65% targeting small and medium-sized enterprises (SME). In 2017, TFP has supported over $1.6 billion in trade through 571 transactions in Central Asian countries, 75% of which were SME-related deals.
Uzpromstroybank, one of the leading banks in Uzbekistan, has been a reliable and stable partner of ADB since 2013. It has financed trade transactions worth $25 million so far in 2018 to support the development of the country's horticulture sector.
Being an issuing bank of TFP has already allowed us to significantly expand geographic coverage of financing the import of goods and services into Uzbekistan. Now, we truly believe that as one of TFP's confirming banks, Uzpromstroybank will be able to notably contribute to the export sector of Uzbekistan, said Uzpromstroybank's First Deputy Chairman of the Management Board Mr. Sakhi Annaklichev.
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 to engage in import and export activities. Since 2009, ADB's TFP has supported more than 12,000 small and medium-sized businesses across developing Asia�through over 16,600 transactions valued at over $30 billion�in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
In 2017, TFP supported approximately $4.5 billion in trade through 3,505 transactions. TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, 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. Established in 1966, it is owned by 67 members�48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Source: Asian Development Bank