Sat 04 2020 11:02:27

Tashkent, Uzbekistan (UzDaily.com) — The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Asia Alliance Bank from Uzbekistan today signed an agreement to provide guarantees supporting trade in the country.

“We are excited to have Asia Alliance Bank as a new partner bank as we continue to support trade flows, especially for small- and medium-sized enterprises (SMEs) in Uzbekistan,” said ADB Investment Specialist and Relationship Manager for Uzbekistan Ms. Nana Khurodze. “We believe TFP’s role will be crucial as it brings confidence to traders during these uncertain times.”

ADB’s TFP works with six partner banks in Uzbekistan. As of 2019, TFP supported $1.44 billion in trade over 530 transactions, 65% of these is cofinanced by the private sector.

“Asia Alliance Bank is honored to join to the ADB’s Trade Finance Program as it will expand our opportunity to support private sector financial needs and encourages trade development between Uzbekistan and other countries,” said Asia Alliance Bank’s First Deputy Chief Executive Officer Mr. Umidjon Khakimov. “This partnership endorses our participation in our country’s economic reforms through promoting local entrepreneurs, family businesses and creating new jobs.”

Backed by ADB’s AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s TFP has supported around 20,000 SMEs across developing Asia—through over 26,000 transactions valued at over $41 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. TFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and initiatives to fight crime through greater transparency in the global financial system. TFP also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.

Asia Alliance Bank has successfully operated in Uzbekistan since 2009. The bank has consistently worked to expand the scale of its operations, strengthen financial stability and maintain competitive market positions and high rating indicators. It has successfully developed its branch network and expanded its product range, established cooperative partnerships with leading foreign banks, payment systems and international financial institutions, and strengthened its domestic and international reputation.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to US$21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

 
 

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