August 19, 2016

ADB, Myanmar sign deal to boost int’l trade

NAY PYI TAW — The Government of Myanmar and the Asian Development Bank signed a framework agreement on Wednesday that will allow ADB to expand its Trade Finance Programme (TFP) into Myanmar, according to a press release issued by ADB.
The agreement was signed by Deputy Finance Minister Dr Maung Maung Thein, and James Nugent, Director General of ADB’s Southeast Asia Department.
“The Myanmar Government welcomes ADB’s Trade Finance Programme into the country, as it enhances the capacity of partner banks to provide trade finance to Myanmar’s importing and exporting clients,” said Dr Maung Maung Thein.
The programme aims to boost international trade by supporting the extension of trade finance. ADB will guarantee trade finance instruments issued by Myanmar banks, such as letters of credit. ADB will also provide credit facilities and technical assistance to partner banks.
“Trade finance promotes trade and investment and assists domestic Myanmar businesses to enter and compete in international markets,” said Mr Nugent.
“ADB is proud to be associated with Myanmar’s efforts to improve its business environment,” he added.
The TFP will also help banks in Myanmar forge new relationships with international banks, enhancing local banks’ ability to attract new clients and strengthening their capacity to use new trade finance tools and instruments.
Manila-based ADB works to reduce poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.  In 2014, ADB assistance totaled $22.9 billion, including $9.2 billion in co-financing.—GNLM


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