DHAKA, BANGLADESH (22 February 2018) — The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Dutch-Bangla Bank Ltd. (DBBL) today signed an agreement to provide $10 million in loans annually to support trade in Bangladesh.
“We are delighted to strengthen our partnership with Dutch-Bangla by signing this revolving credit facility,” said Santosh Pokharel, TFP’s Relationship Manager for Bangladesh. “The agreement provides additional funding for DBBL to support trade and we anticipate that many small and medium-sized enterprises (SMEs) will benefit.”
“DBBL has been a partner bank of TFP since 2009 and we are grateful for ADB’s continued trust and assistance in promoting trade development in Bangladesh,” said Abul Kashem Md. Shirin, CEO of DBBL.
ADB’s TFP has been operating in Bangladesh since 2004 and currently works with 13 local partner banks. To date, the program has conducted 1,983 transactions, supporting almost $3.1 billion in trade in Bangladesh and benefiting 966 SMEs in a wide range of sectors including food and agricultural goods, commodities and industrial machineries, and capital goods. In September 2017, DBBL was presented with TFP’s Leading Partner Bank in Bangladesh Award for the third consecutive year.
DBBL, established in 1995 as a joint venture between the Netherland’s Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) and the local businesses of Bangladesh, is one of the leading private commercial banks in Bangladesh with a focus in project, SME, and trade financing.
TFP, backed by ADB's AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, risk management, and fraud prevention.
Since 2009, ADB’s TFP has supported more than 12,000 small and medium-sized businesses across developing Asia—through over 16,600 transactions valued at over $30 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. In 2017, TFP supported approximately $4.5 billion in trade through 3,505 transactions.
For more information, visit the TFP website: http://www.adb.org/tfp
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region.