The Asian Development Bank (ADB) announced the winners of its second annual Trade Finance Program (TFP) Awards, at a ceremony today in Singapore. The awards recognize 15 leading partner banks for their role in supporting trade in the region.
“The TFP Awards recognize our most active partners and highlight the impact our collaboration has in creating growth and jobs,” said Steven Beck, head of trade finance at ADB. “Without these partnerships, ADB’s Trade Finance Program would not be able to close market gaps for the financing that underpins trade in developing Asia, so it’s important that we recognize these partners.”
A total of 16 awards were presented to financial institutions, 15 awards went to financial institutions based in developing Asian countries. The awards recognize the TFP’s most active partner banks as measured by the number of transactions conducted during 2015 through to mid-2016.
This year’s TFP Awards ceremony was held at the Global Trade Review’s annual September conference—GTR Asia Trade and Treasury Week 2016—which is one of the best attended trade finance conferences in Asia. ADB also announced new estimates of the global trade finance gap in an ADB Brief released today.
The TFP provides guarantees and loans to over 200 partner banks to support trade. Backed by ADB’s AAA credit rating, the program works with over 200 partner banks to provide companies with the financial support they need to engage in import and export activities.
Since 2009, the TFP has supported more than 8,200 small- and medium-sized enterprises across the region, with about 11,800 transactions valued at over $23.6 billion, in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
