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ADB Partners with IE Singapore to Help Expand Regional Trade
IE Singapore will operate its Trade Facilitation Scheme through ADB's Trade Finance Program to help companies in Singapore and their buyers in emerging Asian markets gain access to more finance.
SINGAPORE – The Asian Development Bank (ADB), through its Trade Finance Program (TFP), is partnering with International Enterprise (IE) Singapore, the government agency driving Singapore’s external economy, to help boost trade flows within Asia and the Pacific region by about US$1 billion every year.
IE Singapore launched its Trade Facilitation Scheme, which will operate through ADB's TFP, today to help companies in Singapore and their buyers in emerging Asian markets gain access to more finance. ADB’s TFP provides guarantees and loans through banks to support trade.
IE Singapore will share in the risks of trade financing with TFP, which will result in more financial capacity to support trade between Singapore and developing Asia.
“Increasing trade flows between Singapore and our developing member countries will help create growth and jobs in the region. Trade finance gaps in Asia, which are estimated to be as high as $425 billion in 2012, impede trade, growth and job creation. This partnership will enable us to work together to close these market gaps." said Steven Beck, head of the Trade Finance at ADB.
Backed by its AAA credit rating, ADB’s TFP works through more than 200 partner banks to provide companies with the financial support they need to import and export throughout Asia’s most challenging markets. ADB’s program currently operates in 18 countries, and is focused on the poorest markets and is in the process of expanding to Myanmar.
In 2012 alone, the program supported $4 billion in trade through 2,032 transactions involving 1,577 small and medium-sized enterprises. In 2011, ADB signed a deal with re-insurance giant Swiss Re to insure $250 million of trade finance conducted via ADB’s TFP.
Singapore-based companies are the largest beneficiaries of credit guarantees issued under ADB’s TFP, with the volume of trade transactions growing nearly four-fold since 2010 to reach a record US$1.7 billion in 2012.
IE Singapore’s Trade Facilitation Scheme, working through ADB's TFP, is expected to boost trading of commodities, agriculture, information technology, construction, industry and automotive sectors.
For the past 30 years, IE Singapore has been spearheading the overseas growth of Singapore-based companies and promoting international trade.