TASHKENT, UZBEKISTAN (5 July 2017) — The Asian Development Bank (ADB) and the Invest Finance Bank (InFin Bank) today signed an agreement enabling cooperation to support trade in Uzbekistan through ADB’s Trade Finance Program (TFP).
The agreement was signed by Takeo Konishi, ADB Country Director for Uzbekistan, and Zikirillo Abdullaev, InFin Bank’s Chairman of the Board, in Tashkent.
“ADB is excited to be partnering with InFin Bank through the Trade Finance Program,” said Nana Khurodze, Relationship Manager at ADB. “Through this facility, InFin Bank will be able to grow its support for importers and exporters, including small and medium-sized enterprises (SMEs).”
ADB’s TFP in Uzbekistan has supported almost $1.3 billion in trade through 467 transactions covering guarantees. Out of this, 46% have been SME-related deals.
“We are pleased to join to the Trade Finance Program of the Asian Development Bank. With such facility, we will further expand our product line including SMEs. We hope for ADB’s continued trust and support to help promote trade development between Uzbekistan and other countries,” said Mr. Abdullaev.
InFin Bank, established in 2007, is a growing commercial bank providing services to corporate customers, SMEs, and individuals through its 14 branches and 9 local client-serving points in Uzbekistan. The quality of the services is confirmed on an annual basis by a certificate of quality management system — ISO 9001:2015.
TFP, backed by ADB’s AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, risk management, and fraud prevention.
Since 2009, TFP has supported more than 9,200 small and medium-sized businesses across developing Asia — through over 14,000 transactions valued at over $26 billion — in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
For more information, visit the TFP website: http://www.adb.org/tfp
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in co-financing.