ADB, Wachovia Sign Risk Agreement to Boost Trade, Foster Relationships

MANILA, PHILIPPINES – The Asian Development Bank (ADB) and Wachovia Bank, a subsidiary of Wells Fargo & Company, have signed a risk-sharing agreement that should spur increased trade in developing Asia and lay the foundation for stronger trade and banking relationships in coming years.

"Trade will be a critical element of the world's recovery from the worst financial crisis since World War II and we need to ensure that all countries are able to access the financing that makes trade possible," said Philip Erquiaga, Director General of the Private Sector Operations Department at ADB. "Furthermore, such agreements help to build trust between financing banks in developed and developing economies and result in more support to companies engaged in international trade."

Read the full news release.