The FINANCIAL -- The Asian Development Bank (ADB) held its first annual Trade Finance Program (TFP) awards ceremony, with 12 partner banks recognized for their role in supporting trade in the region.
“These awards give ADB’s TFP an opportunity to recognize the contributions of our partner banks in supporting trade in developing Asia,” said Steven Beck, head of trade finance at ADB. “Our work together helps create growth and jobs.”
A total of 13 awards were presented to financial institutions, the TFP’s most active partner banks as measured by the number of transactions conducted during 2014. While 11 of the award recipients are banks in TFP’s countries of operation, one international bank, JP Morgan Chase, was also awarded, according to ADB.
“We value our long standing partnership with ADB to support trade finance across Asia’s emerging markets. This relationship provides a platform for us to support economic growth across these important countries,” said Agatha Lee, Asia Pacific Head of Global Trade & Loan Products at J.P. Morgan.
The TFP helps fill market gaps for trade finance in developing Asia by providing guarantees and loans to 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 6,000 small and medium-sized enterprises in about 10,000 transactions valued at over $20 billion in a wide range of sectors, from commodities and capital goods to medical supplies and consumer goods in the region’s most challenging markets.