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News

Asian Development Bank and Citi join forces

Monday 6 May 2024 15:42 CET | News

The Asian Development Bank (ADB) and Citi have signed an agreement to enhance access to supply chain financing for SMEs. 

According to the announcement, the two entities are also set to support more than USD 100 million in additional annual trade across Asia and the Pacific.  

The agreement was signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Citibank North America. Enabling more SMEs across developing Asia to access Citi’s supply chain finance offering through ADB’s TSCFP.

The Asian Development Bank (ADB) and Citi have signed an agreement to enhance access to supply chain financing for SMEs.

 

ADB-Citi collaboration 

Moreover, this partnership harnesses Citi’s expansive network and origination capabilities alongside ADB’s extensive presence in the Asia Pacific region’s developing countries, amplifying the developmental impact of trade and supply chain finance.  

ADB and Citi have been collaborating on trade finance since 2009, facilitating USD 6.2 billion worth of trade, expanding access to finance for SMEs, and building contributing to the regions resilience. The master risk participation agreement is expected to support more than USD 100 million in additional trade in Asia and the Pacific each year.  

Backed by ADB's AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade, boosting imports and exports that foster growth. Since 2009, TSCFP has supported USD 57 billion in trade in more than 45,000 transactions in emerging markets. 

Source: Link


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Keywords: partnership, supply chain finance, SMEs, trade finance, financial services
Categories: Banking & Fintech
Companies: ADB, Citi
Countries: Asia
This article is part of category

Banking & Fintech

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ADB

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