ADB to sign TFFA with banks on May 15

[LahoreEstate]

ISLAMABAD (May 13 2009): Asian Development Bank (ADB) will sign Trade-Financing and Facilitation Agreements (TFFA) with a large number of Pakistani banks on Friday (May 15). The TFFA is aimed at bolstering export and import activities, resulting in an improvement of the Pakistan economy.

In order to enhance trade among its member countries and to help counter the declining exports, ADB's Board recently approved an expansion of the TFFA to US $1 billion. The TFFA provides a mechanism to reduce and mitigate commercial and political risks associated with international trade in ADB's member countries, including Pakistan.

Under the programme, ADB works with the private sector to maintain and enhance trade credit to member countries by supporting imports of goods, including critical goods such as machinery, food, medicine, fuel and inputs for export products. The TFFA will enable ADB to provide Pakistani banks access to more trade credit lines, help develop correspondent relationships with confirming banks, avoid the need to place cash collateral and provide more support to importing and exporting clients.

http://www.brecorder.com/index.php?id=37...=&supDate=