ADB Partners with Two Uzbek Banks on Trade Finance Program

MANILA, PHILIPPINES – Two banks in Uzbekistan have signed agreements with the Asian Development Bank's (ADB) Trade Finance Program (TFP) to support more trade.

Open Joint Stock Innovation Commercial Bank Ipak Yuli and Open Joint Stock Commercial Bank Uzpromstroybank joined more than 200 partner banks in ADB's TFP.

“We are pleased to sign agreements with these two banks, adding to our existing partnerships in Uzbekistan to support more trade, economic growth and job creation,” said Steven Beck, Head of Trade Finance at ADB.

The TFP fills market gaps by providing guarantees and loans through partner banks in support of trade. In Uzbekistan, TFP has supported 125 transactions totaling over $839 million in support of trade. In addition to filling market gaps, TFP's objective is to mobilize private sector capital/involvement in developing Asia. In Uzbekistan, 69% of the trade supported through TFP was co-financed by the private sector.

TFP has completed more than 7,500 transactions supporting more than $14 billion in trade and more than 3,500 small- and medium-sized enterprises.

The TFP has been rolled out to 18 ADB developing member countries, with its most active beneficiaries based in Bangladesh, Pakistan, Viet Nam, Sri Lanka and Uzbekistan.  The TFP focuses its support on more challenging markets where market gaps are proportionally largest and is currently in the process of expanding to Myanmar.