The FINANCIAL — The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Yoma Bank on January 26 signed an agreement to provide guarantees of at least $10 million annually to support trade, especially for small and medium-sized enterprises (SMEs), in Myanmar.
“We are excited to welcome Yoma Bank as the newest TFP partner,” said Janet Hyde, TFP’s Relationship Manager for Myanmar. “We look forward to working with Yoma to develop a strong trade finance franchise for the bank in support of Myanmar’s trade flows, especially for SMEs.”
“Yoma Bank is proud to participate in ADB’s Trade Finance Program. Together, we will support and stimulate international trade with Myanmar. With ADB’s support, Yoma Bank looks forward to the continued growth of our trade finance program providing important liquidity to Myanmar’s import and export community,” said Hal Bosher, Advisor to the Chairman and CEO of Yoma Bank.
With today’s signing, TFP’s partner banks in Myanmar increase to three. To date, TFP has supported commodities transactions for SMEs in Myanmar, such as fertilizers and oil.
Yoma Bank is one of Myanmar’s largest private banks with over 3,000 employees and more than 74 branches nationwide. Founded in 1993, the bank is known as one of Myanmar’s most progressive banks that puts innovation at the heart of its operation. Yoma Bank is committed to supporting SME development in Myanmar.
TFP, backed by ADB’s AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets, according to ADB.
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.
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.