ADB signs trade finance deals with HDBank and SHB

Wednesday, 2016-03-02 16:21:17
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NDO - The Asian Development Bank (ADB) has signed new deals with two Vietnamese banks, HDBank and SHB, which provide guarantees of up to US$100 million a year to support trade finance.

The ADB’s head of trade finance Steven Beck said these agreements would help create economic opportunities and jobs by supporting exporting and importing companies, including small and medium-sized enterprises (SMEs).

The new deals add to nine other existing bank partnerships under the programme, which has been operating in Vietnam since 2009.

To date, the programme has conducted more than 4,300 transactions, supporting US$6.5 billion in trade in Vietnam.

According to Santosh Pokharel, trade finance programme relationship manager for Vietnam, the country is one of the programme’s most active and important markets and signing these agreements adds to its significant record of support for trade in the country.

The programme’s loans and guarantees will be accompanied by workshops and seminars aimed at increasing knowledge and expertise on trade finance, resulting in more support to exporting and importing companies in Vietnam, says the ADB.

Since 2009, the ADB’s trade finance programme has supported more than 6,000 SMEs across Asia, through about 10,000 transactions valued at over US$20 billion.