TASHKENT, UZBEKISTAN (4 June 2020) — The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Ipoteka Bank from Uzbekistan today signed an agreement providing guarantees to support trade in the country.
“We are excited to have Ipoteka Bank as a new partner bank as TFP continues to expand and support trade flows in Uzbekistan,” said Relationship Manager, Trade and Supply Chain Finance, Nana Khurodze. “We believe TFP’s role is crucial to support import-export during these challenging times.”
ADB’s TFP works with nine partner banks in Uzbekistan. In 2019, TFP supported $139.24 million in trade in the country over 39 transactions, 57% of them co-financed by the private sector.
“Ipoteka Bank can now support local importers and exporters, especially at this critical time when shipments are being delayed due to the COVID-19 outbreak”, said First Deputy Chairman of the Board of Ipoteka Bank Elyor Inomjonov. “The expansion of the bank’s trade finance operations will help integrate our clients into regional and international trade flows and increase trade volumes between Uzbekistan and other countries.”
Joint stock commercial mortgage bank Ipoteka Bank is one of the leading commercial mortgage banks in Uzbekistan. It has 39 branches, 151 mini banks and more than 100 corporate clients. Ipoteka Bank provides much-needed support to Uzbek enterprises so they can better manage inventory and plan longer trading cycles.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region