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Two Bangladeshi banks win ADB’s TFP award

Two Bangladeshi banks win ADB’s TFP award

DHAKA: Two Bangladeshi banks-Dutch-Bangla Bank Limited and BRAC Bank Limited-are among the winners of the third annual Trade Finance Program (TFP) Awards announced by the Asian Development Bank (ADB). The ADB announced the winners of its third annual TFP Awards at a dinner held on Tuesday in Singapore where more than 150 guests from banks and other financial institutions around the world attended the event, according to a media release. The TFP Awards recognized 18 leading partner banks from 17 countries. Dutch-Bangla Bank Limited has been recognized as Leading Partner Bank in Bangladesh.

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. BRAC Bank Limited has been recognized as Most Progressive Bank on Gender Strategy. “Without our partner banks, ADB’s Trade Finance Program 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 recognize and thank our partners for the work they do to provide finance to companies, which helps create growth and jobs,” Steven Beck added.

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. TFP provides guarantees and loans to over 200 partner banks to support trade. Backed by ADB’s AAA credit rating, the program 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.