New ADB window to boost country’s export-import
Thursday, 07 July 2011
DHAKA, July 7: The country’s export-import are set for a further boost after the Asian Development Bank (ADB) opened a new window to Asian countries, including Bangladesh, to get much needed trade finance. The multilateral development bank today made an arrangement with Swiss Re Corporate Solutions under which the Switzerland- based reinsurance giant will insure $250 million of trade finance, conducted by Asian states, via the ADB’s Trade Finance Programme. Swiss Re Corporate Solutions serves more than 50,000 customers across a network of 38 offices worldwide and is backed by the financial strength of the Swiss Re Group.
Many Asian countries including Bangladesh often find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
To address the problem, the ADB in 2010 supported 783 trade transactions worth US$2.8 billion with banks in Bangladesh, Vietnam, Pakistan, Sri Lanka and Nepal. But, with rebounding export and import, the demand for trade finance increased by 50 percent in the first quarter of 2011 when the flow of such fund did not grow at the same pace.
The agreement with Swiss Re will allow the ADB to provide more trade finance to the countries that need it most, the ADB said in a statement.
It pointed out that the US$250 million would be given on less than an 180-day term, which would eventually result in US$500 million additional trade finance per year for developing Asia.
http://www.theindependentbd.com/business/banking/59312-new-adb-window-to-boost-countrys-export-import.html
Thursday, 07 July 2011
DHAKA, July 7: The country’s export-import are set for a further boost after the Asian Development Bank (ADB) opened a new window to Asian countries, including Bangladesh, to get much needed trade finance. The multilateral development bank today made an arrangement with Swiss Re Corporate Solutions under which the Switzerland- based reinsurance giant will insure $250 million of trade finance, conducted by Asian states, via the ADB’s Trade Finance Programme. Swiss Re Corporate Solutions serves more than 50,000 customers across a network of 38 offices worldwide and is backed by the financial strength of the Swiss Re Group.
Many Asian countries including Bangladesh often find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
To address the problem, the ADB in 2010 supported 783 trade transactions worth US$2.8 billion with banks in Bangladesh, Vietnam, Pakistan, Sri Lanka and Nepal. But, with rebounding export and import, the demand for trade finance increased by 50 percent in the first quarter of 2011 when the flow of such fund did not grow at the same pace.
The agreement with Swiss Re will allow the ADB to provide more trade finance to the countries that need it most, the ADB said in a statement.
It pointed out that the US$250 million would be given on less than an 180-day term, which would eventually result in US$500 million additional trade finance per year for developing Asia.
http://www.theindependentbd.com/business/banking/59312-new-adb-window-to-boost-countrys-export-import.html
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