September 25, 2017

ADB Trade Finance Program and CB Bank Agreement to Support Myanmar Trade

Officials of ADB’s trade finance program and CB Bank exchange document after signing agreement on assistance for trade finance cpapcity. Photo: CB BANK
Officials of ADB’s trade finance program and CB Bank exchange document after signing agreement on assistance for trade finance cpapcity. Photo: CB BANK

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Cooperative Bank (CB Bank) on Tuesday signed an agreement in Yangon that enables the TFP to provide guarantees of up to $12 million per annum in support of the trade finance operations of CB Bank.
This marks the first such ADB TFP facility to assist trade finance capacity for a local bank in Myanmar. “Under this agreement, ADB and CB Bank are partnering to support exporting and importing companies in Myanmar, including small and medium-sized enterprises,” said Steven Beck, ADB’s head of trade finance.
“This agreement will help develop the trade sector and create jobs.”  ADB’s TFP guarantees will help banks in the US, Europe, Singapore, Thailand, People’s Republic of China and elsewhere work with Myanmar banks to support more international trade with Myanmar companies.

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