TKB BANK realized the debut transaction within Trade Finance Program of Asian Development Bank
TKB Bank granted a bilateral trade-related loan to Khan Bank, Mongolia which is backed by stand-by letter of credit issued by the Asian Development Bank (ADB) within ADB’s Trade Finance Program (TFP). This is the first TF transaction TKB entered with ADB under their TFP program and TKB welcomes cooperation with the well-recognized reputable multirateral financial institution. The respective Confirming Bank Agreement (CBA) between ADB and TKB was executed on 09th of November, 2017. TKB is the first Russian bank which realized such transaction within TFP of ADB.
Via the TFP ADB provides support to the international trade development in Asia Pacific, South Caucasus and Central Asia. ADB’s TFP works with more than 240 financial institutions from different countries. The volume of trade transactions supported by the ADB’s TFP reached more than US$30bln for the period of 2009 – 2017.
Joining the group of ADB’s TFP Confirming Banks will help TKB Bank to expand cooperation with financial institutions across ADB’s countries of operations, including the CIS and EEU (Eurasian Economic Union) regions, to which TKB gives high priority.