Finance Sector in Asia
Amid rising global economic uncertainty, expanding and deepening finance sectors in developing Asia have played a strong role in helping the region face difficult challenges in economic diversification and have increased economic stability.
Finance sector has cross-cutting impact on all sectors, industries, and economic activities
ADB believes that a sound finance sector promotes private sector development, helps create jobs and economic growth, and therefore reduces poverty.
The finance sector has cross-cutting impact on all sectors, industries, and economic activities. It also contributes to global development agendas, including the Sustainable Development Goals of 2030.
Financial support has had positive impact on countries’ economic growth and development and helped reduce poverty, including during the global financial crisis of 2008–2009.
ADB’s finance sector operations have helped broaden and deepen national financial systems throughout the region, including, among others, through projects in Bangladesh, India, the Lao People’s Democratic Republic (Lao PDR), Pakistan, the Philippines, and Uzbekistan.
For meaningful and sustainable impact, ADB uses innovative approaches through new technologies to solve wider economic challenges, as exemplified in the following:
Catalyzing Market Financing for Climate Change Mitigation
India: Solar Rooftop Investment Program: $330 million ordinary capital resources (OCR) multitranche financing facility loan (approved 2016).
- Funds innovative and bankable business models that catalyze market financing.
- Supports renewable energy development and climate change mitigation.
- Funds India meet a 40-gigawatt solar rooftop capacity target by 2022.
Expanding the Base of Growth by Technology Solutions
Uzbekistan: Small Business Finance Project: $100 million OCR loan to expand lending to small businesses (approved 2016).
- Improves financial inclusion for female-owned and rural businesses.
- Introduced credit scoring and loan origination facilitated by mobile devices, such as tablet computers.
Supporting Disaster Relief by New Business Line
Pakistan: National Disaster Risk Management Fund: $200 million Asian Development Fund (ADF) and OCR loans to establish and operationalize the National Disaster Risk Management Fund (approved 2016).
- Facilitates a disaster-resilient Pakistan by reducing socioeconomic and fiscal vulnerability to natural hazards and climate variability and change.
- Carried out quantitative risk modeling analysis for the primary natural hazards and developed a comprehensive national disaster risk financing strategy.
Supporting a Deeper, Diversified, and Resilient Finance Sector
Philippines: Financial Market Regulation and Intermediation Program: $200 million OCR loan to enhance financial sector stability, strengthen nonbank financial subsector governance, and improve the efficiency of the securities market (completed in 2013).
- Assisted the government in achieving reform agendas under the national development plan, particularly for financial sector deepening to support economic growth.
- Improved access to finance and increased the contribution of the finance sector to economic growth after the global financial crisis (Business Constraint Index “access to credit” improved from 31.8 to 17.7 and financial stability index improved from 3.3 to 4.1).
Facilitating Private Sector Development through Nonsovereign Loan
Bangladesh: BRAC Bank Sustainable Projects: Up to $30 million senior loan to BRAC Bank in Bangladesh (approved 2015).
- Improved safety standards of the ready-made garment industry by financing the upgrade, expansion, or construction of factories that satisfy the safety requirement of the Accord and/or the Alliance.
- Improved working conditions for 22,000 women ready-made garment workers.
- Improved environmental standards in the industry sector by financing the construction or expansion of wastewater treatment plants.
Promoting a Sustainable and Market-Oriented Rural Finance Sector
Lao PDR: Rural Finance Sector Development Program
$10 million ADF loan to promote a sustainable and market-oriented rural and microfinance sector (completed in 2013).
- Supported an enabling policy framework for rural and microfinance and sound prudential regulatory environment for rural and microfinance institutions, and transformed the Agriculture Promotion Bank into a financially sustainable and market-oriented institution.
- Expanded the microfinance sector in both credit and savings, with a 451% increase in the number of clients during 2006–2011.
- Facilitated marked improvement in the Agriculture Promotion Bank’s operational efficiency (operating expenses to gross loans decreased from 12% in 2007 to 4% in 2012).
- Contributed to gender equity by providing loans to women, who comprised 59% of total active borrowers.
Finance Sector Issues in Asia and the Pacific
Asia has emerged as a dynamic center of global growth with high savings and strong exports. It attracts a high volume of private capital and investment, and has massive potential for domestic markets. Since the Asian financial crisis in 1997-1998, the financial sector of the region has developed significantly. Banks in particular have strengthened their balance sheets, making them more resilient to external shocks. The region’s middle-income economies have also made progress in developing the core of their domestic capital markets and nonbanking sectors.
Despite these achievements, the development of the region’s financial sector still lags substantially behind that of developed economies. Manufacturing also plays a much more dominant role in Asian economies than the financial sector. This section highlights finance sector challenges and trends faced by countries in Asia and the Pacific.
Banking and Non-bank Financial Institutions

The enhancement of risk management and corporate governance of individual financial institutions is vital for economic stability. This topic covers issues related to central bank supervision, trade financing, anti-money laundering, and Islamic financing.
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Financial Soundness Indicators for Financial Sector Stability: A Tale of Three Asian Countries
This report presents country-case studies for Bangladesh, Georgia, and Viet Nam focusing on growing evidences in the development of financial soundness indicators to effectively monitor the financial performance of the country. -
Financial Soundness Indicators for Financial Sector Stability in Viet Nam
As banks increasingly became involved in diversified operations, Viet Nam has experienced problems with high nonperforming loans and sluggish credit growth caused by governance and structural problems. -
Enhancing Bank Supervision in Asia: Lessons Learned from the Financial Crisis
The global financial crisis underlined that sound and effective bank regulation is vital to financial stability. -
Islamic Finance for Asia: Development, Prospects, and Inclusive Growth
The growth of Islamic finance underscores its potential as an alternative financing source for infrastructure and economic development in Asia. -
Progress Report on Establishing a Regional Settlement Intermediary and Next Steps: Implementing Central Securities Depository–Real-Time Gross Settlement Linkages in ASEAN+3
This progress report is an important step for the establishment of Central Securities Depository–Real-Time Gross Settlement (CSD–RTGS) Linkages as a regional settlement intermediary in the region. -
Developing Myanmar’s Finance Sector to Support Rapid, Inclusive, and Sustainable Economic Growth
The finance sector is the lifeblood of any economy and its smooth and efficient functioning is central to strong economic growth and development. -
Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy - An Asian Perspective
This publication discusses risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. -
Capital Requirements for Indian Banks: An Empirical Analysis
India’s infrastructure sector has an estimated $1 trillion investment requirement from 2013 to 2018. Current exposure of Indian banks to infrastructure is around 17% of total assets which makes meeting this requirement a challenge. -
Asia's elevated risks - Iwan Azis
Ultra-easy monetary policy in advanced economies and, in particular, quantitative easing (QE) in the United States, has boosted global liquidity and caused capital flows to surge in emerging markets including those of Asia. -
How Capital Flows Affect Economy-Wide Vulnerability and Inequality: Flow-of-Funds Analysis of Selected Asian Economies
Examines how the surge in liquidity in Asian financial systems has changed the behavior of a variety of agents and institutions toward non-core liabilities and non-core assets, while for the financial sector it leads to a surge in loans.
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Finance Sector Development

As the financial sector expands and takes on new risks, it is essential to ensure the sector’s continued stability and integrity. This involves helping countries enhance their abilities to manage and develop the financial sector, as well as instituting policy and regulatory reforms.
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People’s Republic of China: Knowledge Work on Local Government Bond Market
As a result of a major government reform initiative since 2014 a new system of local government finance and debt management is now evolving. Discussions are still underway on how to best use various elements of this system, including central government transfers, public private partnerships, and local government bonds, among others, and how to deal with the existing debt stock. -
Supporting Financial Stability in Bhutan and the Maldives: Royal Monetary Authority of Bhutan Final Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated March 2015 is provided for the ADB project 46114-001. -
Supporting Financial Stability in Bhutan and the Maldives: Maldives Monetary Authority Final Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated March 2015 is provided for the ADB project 46114-001. -
Study on Beijing Green Finance Development Strategy - Final Report: Consultant's Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated December 2014 is provided for the ADB project 44043-012 in the People's Republic of China. -
Global Shock, Risks, and Asian Financial Reform
With growing complexity in the world of finance, and the resultant higher frequency of financial crises, attention has shifted toward the inadequacy of financial regulation. -
Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy - An Asian Perspective
This publication discusses risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. -
Government Bond Market Development: TA 7971-Mongolia Final Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated November 2014 is provided for the ADB project 45522-001 in Mongolia. -
Asia Bond Monitor – November 2014
The Asia Bond Monitor reviews recent developments in East Asian local currency bond markets along with the outlook, risks, and policy options. This includes a special section on the AsianBondsOnline Bond Market Liquidity Survey. -
Unlocking Finance for Growth: Secured Transactions Reform in Pacific Island Economies
The Pacific has undergone one of the most extensive secured transactions reforms anywhere in the world. Although the reforms are relatively recent, initial results indicate that they will allow more borrowing and on better terms. -
Capital Flows during Quantitative Easing and Aftermath: Experiences of Asian Countries
This paper examines the effect of the quantitaive easing (QE) of United States on Asian capital flows and factors that influence the effect of QE tapering on financial instability in the region.
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Financial Inclusion and Microfinance

About 90% of the 180 million poor households in the region lack access to institutional financial services. Most formal financial institutions deny the poor their services because of perceived high risks, the high costs involved in small transactions, and the poor’s inability to provide marketable collateral for loans.
Microfinance
Increasing financial access for traditionally underserved population, including women, poor households, vulnerable groups, and micro, small, and medium enterprises is critical to achieving inclusive and balanced economic growth.
ADB has been actively promoting innovation and best practices in this area. The operational priorities of Strategy 2030 recognize that developing the finance sector, with a focus on inclusive finance, is key to enhancing productive opportunities. Financing remains limited, especially for women and women-led or women owned MSMEs, smallholder farmers, and agribusiness SMEs. Accelerating the use of digital finance technologies can help to address this problem. Further, the Financial Sector Operational Plan details the work ADB will do in the sector, recognizing that financial services should go beyond micro loans to include savings, payments and remittances, insurance, and pensions.
ADB’s support for inclusive finance is provided through loans, credit lines, investments, grants, guarantees, and technical assistance in the following areas (as defined in the 2014 Project Classification System):
- microfinance
- credit cooperatives and credit unions
- agriculture finance and rural microenterprise
- branchless/mobile banking
- financial literacy and consumer protection
- remittance management
- savings mobilization
- rural banks
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Microfinance Development Strategy
ADB’s Microfinance Development Strategy ensures access to institutional financial services for a majority of poor and low-income households and their microenterprises. It aims to support the development of sustainable microfinance systems that can provide diverse, high-quality services.
To achieve its objective for microfinance, ADB focuses on:
- creating a microfinance-friendly policy environment
- developing financial infrastructure
- building viable retail institutions
- supporting pro-poor innovations
- supporting social intermediation
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Improving Financial Inclusion in Asia and the Pacific: Constraints, Applicability, and Lessons from Digital Financial Services
This paper presents the results of a study on the constraints, applicability, and lessons from using digital financial services (DFS) for improving financial inclusion. -
Banking the poor: Financial literacy is the key - Arup Kumar Chatterjee
Giving the poor access to financial services is accepted wisdom. What isn't appreciated is how this is undermined by a lingering lack of trust in banks among the people most in need of their services. -
Overview of Financial Inclusion, Regulation, and Education
Over half the world’s unbanked adults live in Asia. How can they get more access to finance? Governments in emerging Asian economies need to take a practical and holistic approach. -
Disaster-Resilient Microfinance: Learning from Communities Affected by Typhoon Haiyan
This analysis of the economic recovery of households in the Philippines badly affected by typhoon Haiyan (Yolanda) explores how microfinance can improve its role before and after such disasters hit. -
Papua New Guinea: Microfinance Expansion Project
An ADB project in Papua New Guinea supports a financial literacy training program which will deliver financial education to more than 130,000 people in some of the most remote and inaccessible areas of the country by 2018. -
TA 7781-PHI Rural Community-Based Renewable Energy Development in Mindanao: Final Report
Consultants’ reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated December 2015 is provided for the ADB project 44132-012 in the Philippines. -
Financial Inclusion in Asia: An Overview
In terms of financial inclusion, fewer than 27% of adults in developing Asia have an account in a formal financial institution, and only 33% of enterprises report having a line of credit or a loan from a financial institution. -
Financial Inclusion in Developing Asia: Transactional Accounts, Savings, and Borrowing
Both theory and evidence suggest that financial inclusion can be a powerful tool for empowering the poor, for augmenting their earning potential, and for improving the quality of their lives. -
Financial Inclusion, Education, and Regulation in the Philippines
This paper discusses the current status of financial inclusion, education, and regulation in the Philippines and measures to foster financial inclusion. -
Economic Growth, Financial Development, and Income Inequality
Financial development contributes to reducing inequality up to a point, but as financial development proceeds further, it contributes to greater inequality.
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Infrastructure and Housing Financing

The region needs to invest aggressively in infrastructure to continue to provide a favorable business environment and improve people’s living standards. Because government resources are far from sufficient, infrastructure needs to access commercial finances, thus calling for public–private partnerships (PPPs).
Islamic Finance

ADB has 14 member countries that have a majority Muslim population and has 5 of the 10 countries with the biggest Muslim population globally. Asia requires infrastructure investments of an estimate of $747 billion a year to sustain its growth trajectory. Given the demographic composition of its member countries and realizing the region’s vast investment needs, ADB recognizes the potential role of Islamic finance in promoting inclusive growth and achieving sustainable development in the region, through funding infrastructure and green and ethical investments.
Insurance and Contractual Savings

Financial markets in most of the developing member countries are at various stages of development. They are dominated by banks, reflecting a lack of capacity in the nonbanking sectors and capital markets. A non-diversified finance sector represents a risk in terms of the inability to deal with financial shocks and periods of uncertainty. Insurance can help protect the poor against livelihood risks and catastrophic loss, preventing them from falling back into cyclical poverty. It can also help mobilize long-term domestic resources to finance investments.
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ASEAN+3 Multi-Currency Bond Issuance Framework: Implementation Guidelines for Cambodia
These guidelines explain how the ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) relates to the professional Cambodian bond market. -
Paid Sick Leave as a Tool for COVID-19 Control
This brief sets out how paid sick leave can play an important and cost-effective role in containing the spread of the coronavirus disease (COVID-19) and protecting workers from loss of income due to sickness. -
Sustainable Recovery Options for Mongolia’s Micro, Small, and Medium-Sized Enterprises
This brief presents the findings from a rapid assessment of coronavirus disease (COVID-19) impacts on Mongolian micro, small, and medium-sized enterprises and informal businesses conducted by the Asian Development Bank. -
Pacific Economic Monitor – December 2020
Sufficient provisioning for health and social protection will help support a swift, inclusive recovery in Pacific island countries. -
Human Resource Development: We are All in It Together - Edimon Ginting
Early this year, after 15 years ranked as a lower-middle income country, Indonesia graduated to upper-middle income country status (UMIC). -
Pakistan: Reviving Growth through Competitiveness
This country diagnostic examines constraints to Pakistan achieving strong, sustained, and inclusive growth and proposes key sector reforms to boost the country’s economic competitiveness. -
Annual International Association of Financial Executives Institutes World Congress - Ingrid van Wees
Keynote speech by Ingrid van Wees, ADB Vice-President for Finance and Risk Management, at the Annual International Association of Financial Executives Institutes World Congress on 11 December 2020. -
Country Diagnostic Study on Long-Term Care in Thailand
This publication presents a study on the availability and provision of long-term care (LTC) in Thailand. It discusses findings from the analysis and offers recommendations for the development of LTC systems in the country. -
Building a Differentiated Approach for Fragile and Conflict-Affected Situations and Small Island Developing States: Briefing Note for Consultations
This publication explains how the Asian Development Bank (ADB) is updating its approach to fragile and conflict-affected situations and small islands developing states in Asia and the Pacific. -
Healthy and Age-Friendly Cities in the People's Republic of China: Proposal for Health Impact Assessment and Healthy and Age-Friendly City Action and Management Planning
This report discusses framework for a four-generation urban society in the People’s Republic of China to create positive health outcomes and improve urban livability, services, and public spaces for the elderly.
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Money and Capital Markets

It is necessary to develop Asian capital markets, including subnational debt markets, and an institutional investor base that generates long-term finances and risk capital. At the same time, low-income and conflict-affected economies need to strengthen public confidence in their financial systems in pursuing the development of financial markets.
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Financial Shocks and Exchange Market Pressure
This paper provides evidence for the importance of capital account openness in buffering depreciation pressures during the taper tantrum in May 2013. -
Strengthening Regional Surveillance and Financial Safety Net Mechanisms in Asia: Workshop Highlights
This report shares highlights from a workshop on regional economic surveillance and financial safety nets in Asia, which was held in Manila on 14 August 2018. -
Debt and Depth of Recessions
This paper empirically investigates the relationship between the speed of the buildup of private debt—household and corporate debt—and the depth of recessions. -
Cloud-based Core Banking in the Philippines
This brief focuses on success factors and lessons learned during a pilot study on cloud-based core banking technology in the Philippines. -
Asia Bond Monitor – March 2019
This publication reviews recent developments in emerging East Asian local currency bond markets, and includes analysis of the fourth quarter of 2018. -
Nonperforming Loans in Asia: Determinants and Macrofinancial Linkages
Against the backdrop of recent rises in nonperforming loans in some Asian economies, this study looks at nonperforming loans, including the determinants, macrofinancial feedback effects, and implications for financial stability. -
The Enabling Environment for Disaster Risk Financing in Sri Lanka: Country Diagnostics Assessment
This country diagnostic assessment seeks to strengthen financial preparedness for disasters in Sri Lanka, focusing on insurance and other risk transfer instruments. -
The Enabling Environment for Disaster Risk Financing in Fiji: Country Diagnostics Assessment
This country diagnostic assessment seeks to strengthen financial preparedness for disasters in Fiji, focusing on insurance and other risk transfer instruments. -
The Enabling Environment for Disaster Risk Financing in Pakistan: Country Diagnostics Assessment
This publication seeks to strengthen financial preparedness for disasters in Pakistan, focusing on insurance and other risk transfer instruments. -
Asia Bond Monitor – November 2018
This publication reviews developments in East Asian local currency bond markets during the third quarter of 2018 and provides outlook, risks, and policy options.
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Regional Economic and Financial Integration

The Asia and the Pacific region includes large net savings countries as well as large net borrowers. The region as a whole is also simultaneously a large exporter and importer of capital. The financial sector and markets in the region need to be integrated to allow the channeling of savings from net saving developing countries to net borrowing ones.
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Asia Bond Monitor – March 2018
Risks to economic growth and stability of East Asia remain—faster-than-expected rate hikes in the United States and monetary policy normalization in other advanced economies; and growing threats of protectionism. -
The Effect of Skilled Emigration on Real Exchange Rates through the Wage Channel
More than two-thirds of all skilled migrants go to the US, the UK, Canada, and Australia, but they come from more than 100 countries. This affects the movement of real exchange rates in the source countries. -
Will Financial Liberalization Trigger the First Crisis in the People’s Republic of China? Lessons from Cross-Country Experiences
Financial liberalization in the PRC should work better when gradual and focused on sequencing of reforms, when institutions are able to contain financial risks, and when the central bank participates in financial regulation. -
Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area
Government bond yield spread (sovereign stress) and the share of nonperforming loans (banking stress) increase firms’ financing costs and have a negative effect on the monetary transmission mechanism. -
ASEAN+3 Bond Market Guide 2018: Myanmar
This Bond Market Guide provides an update for current and future domestic, regional, and international market participants on the tremendous developments in the Myanmar securities market. -
ASEAN+3 Bond Market Guide 2018: Cambodia
This Bond Market Guide reports on the significant developments expected in Cambodia’s bond market, including the issuance of corporate and government bonds and subsequent debt securities listings on the Cambodia Securities Exchange. -
ASEAN+3 Bond Market Guide 2017: Brunei Darussalam
This report is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Brunei Darussalam. The country's domestic capital market has considerable growth potential. -
ASEAN+3 Bond Market Guide 2017: Philippines
This report is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from the Philippines. -
ASEAN+3 Bond Market Guide 2017: Lao People's Democratic Republic
This report is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from the Lao PDR. A highlight of this guide is an update on the development of the country’s securities. -
20 Years after the Asian Financial Crisis: Lessons, Challenges, and the Way Forward─Conference Highlights
A conference held 20 years after the Asian Financial Crisis highlights lessons learned and policy discussions on enhancing resilience in financial systems in Asia and the Pacific.
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Small and Medium-Sized Enterprise Financing

The expansion of small and medium-sized enterprises (SMEs) is crucial for inclusive growth and poverty reduction. SMEs’ access to finance can be improved not only through credit institutions, but also leasing, credit guarantees, factoring, insurance companies, and capital markets.
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Regional Workshop on Risk Management for SME Lending - Ingrid van Wees
Closing remarks by Ingrid van Wees, ADB Vice-President for Finance and Risk Management, at the Regional Workshop on Risk Management for SME Lending on 8 September 2017. -
The Trade Finance Program and Its Role in Lifting Impediments to Trade
This brief looks at the trade enhancement potential of fintech, issues that need to be addressed to bridge gaps in trade finance, and implications for banks around the world. -
Small and Medium-Sized Enterprises Line of Credit Project: Rubber in Sri Lanka - Value Chain Gap Analysis of the Rubber Products Industry
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated July 2017 is provided for the ADB project 49273-001 in Sri Lanka. -
Stoking Uzbekistan's Entrepreneurial Spirit
Uzbekistan is helping rural businesses, especially those run by women, to access finance more easily. -
Building Trust and Confidence in Cambodia’s Financial Sector
For nearly two decades, ADB's Financial Sector Program has helped strengthen Cambodia’s legal framework and expand access to finance. -
Small and Medium-Sized Enterprises Line of Credit Project: ICT/BPM in Sri Lanka - Value Chain Gap Analysis of the ICT/BPM Industry
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated May 2017 is provided for the ADB project 49273-001 in Sri Lanka. -
Small and Medium-Sized Enterprises Line of Credit Project: ICT/BPM in Sri Lanka - HR GAP Analysis Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated April 2017 is provided for the ADB project 49273-001 in Sri Lanka. -
Small and Medium-Sized Enterprises Line of Credit Project: Credit Guarantee Scheme
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated August 2016 is provided for the ADB project 49273-001 in Sri Lanka. -
Infrastructure Investment, Financing for SMEs and Start-ups
ADBI Dean Naoyuki Yoshino looks at how small and medium-sized enterprises (SMEs) can strengthen their financial base in order to help a region on a path of sustainable economic growth. -
Small and Medium-Sized Enterprises Line of Credit Project: Performance Report
Consultants' reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. This document dated January 2017 is provided for the ADB project 49273-001 in Sri Lanka.
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Trade Finance

ADB's Trade and Supply Chain Finance Program provides guarantees and loans to partner banks in support of international trade.
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Asian Development Bank Trade Finance Survey: Major Findings
Findings from this survey suggest that trade finance gaps exist and need to be addressed because of the strong links between trade finance, business expansion, and job creation. -
Trade Finance in Asia and the Pacific
Through its Trade Finance Program (TFP), ADB encourages trade in some of the most challenging markets in Asia and the Pacific.
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- Integrated Disaster Risk Management Fund
- Brochure: Inclusive Finance in Asia
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