ADB, Citi Partner on New Risk Product to Help SMEs
ADB - The Asian Development Bank (ADB), through its Trade Finance Program (TFP), has signed a $100 million agreement with Citi to share risk on a funded basis on underlying trade finance transactions to further support trade in developing markets across Asia. Citi has been working with ADB on trade finance since 2009.
“ADB’s continuing partnership with Citi will help to address the funding need of small and medium-sized enterprises (SMEs) for trade finance, which will promote growth and job creation in Asia,” said ADB’s Head of Trade and Supply Chain Finance Mr. Steven Beck. “We are pleased with the renewed agreement with Citi to address the trade finance gap.”
“As one of the world’s leading global trade banks, Citi is pleased to support this initiative to help fund trade flows with multinationals as well as SMEs in and out of developing markets,” said Citi Treasury and Trade Solutions Global Trade Head Mr. John Ahearn. “By introducing this new product and continuing our collaboration with ADB, we look forward to furthering our mission of enabling growth and economic progress.”