ISLAMABAD: The Asian Development Bank (ADB) recognized two Pakistani banks among 20 others in its third annual Trade Finance Programme (TFP) Awards, said a statement issued by the ADB.
The TFP Awards recognised Pakistani Bank “Bank Al Habib Limited” among 17 other leading partner banks from 17 countries. In addition, TFP introduced new award categories, including Trade Deal of the Year, Best SME Trade Deal, Most Progressive Bank on Gender Strategy, and Supply Chain Finance Partner of the Year. The Best SME Trade Deal award was given to another Pakistani bank “Habib Metropolitan Bank Limited”.
“Without our partner banks, ADB’s Trade Finance Programme would not close over $3 billion a year in trade finance market gaps,” said Steven Beck, Head of Trade Finance at ADB. “These awards are a great opportunity to recognise and thank our partners for the work they do to provide finance to companies, which helps create growth and jobs”.
The TFP Awards and Partners Dinner was held on the first day of the Global Trade Review’s annual conference in Singapore – GTR Asia Trade and Treasury Week 2017 – considered one of the most attended trade finance conferences in Asia. During the, ADB launched its 2017 Trade Finance Gaps, Growth, and Jobs study, which quantifies global market gaps for trade finance and their impact on growth and jobs.
TFP provides guarantees and loans to over 200 partner banks to support trade. Backed by ADB’s AAA credit rating, the programme works with over 200 partner banks to provide companies with the financial support they need to engage in import and export activities.
Since 2009, ADB’s TFP has supported more than 10,900 small and medium-sized businesses across developing Asia – through over 16,000 transactions valued at over $28.5 billion – in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.