ADB Expands Trade Finance Program in Bangladesh for Post-COVID-19 Growth
2 June 2020
The Asian Development Bank (ADB) has expanded its support for Bangladesh's private sector through its Trade Finance Program. The program provides a guarantee for $755 million for Bangladesh, raising the financing limit from $518 million in 2019. The program works with 12 partner banks in the country to mobilize private sector capital and fill market gaps to support trade by providing loans and guarantees.
In light of the economic impact of the coronavirus (COVID-19) global pandemic, enhancing the ADB Trade Finance Program will increase liquidity, help boost business, raise exports and imports, increase jobs, and contribute to economic development, according to a statement by Mr. Manmohan Parkash, ADB Country Director for Bangladesh.
The ADB Trade Finance Program supports trade throughout the Asia-Pacific region, which helps create sustainable jobs and economic growth in the region's developing countries. In Bangladesh, a substantial portion of the program's portfolio supports small and medium-sized enterprises, including those run by women traders.
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