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NEW UPDATES Asean Affairs 11 September 2015  





ADB, Myanmar to expand Trade Finance Program

The Government of Myanmar and the Asian Development Bank (ADB) signed a framework agreement that will allow ADB to expand its Trade Finance Program (TFP) into Myanmar according an ADB statement on 9 September.

The agreement was signed by Deputy Finance Minister Dr.Maung Maung Thein, and James Nugent, Director General of the Southeast Asia Department in ADB.

“The Myanmar Government welcomes ADB's Trade Finance Program into the country, as it enhances the capacity of partner banks to provide trade finance to Myanmar’s importing and exporting clients,” Dr.Maung Maung Thein said.

The TFP aims to boost international trade by supporting the extension of trade finance. Under the TFP, ADB will guarantee trade finance instruments, such as letters of credit, issued by Myanmar banks. ADB will also provide credit facilities and technical assistance to partner banks.

“Trade finance promotes trade and investment, and assists domestic Myanmar businesses to enter and compete in international markets,” said Mr. Nugent. “ADB is proud to be associated with Myanmar's efforts to improve its business environment.”

The TFP will also help banks in Myanmar forge new relationships with international banks, enhancing local banks’ ability to attract new clients and strengthening their capacity to use new trade finance tools and instruments.



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