The Asian Development Bank (ADB) has signed an agreement with Dutch-Bangla Bank Limited (DBBL) to provide $10 million in loans annually to support trade in Bangladesh.
The ADB’s Trade Finance Programme (TFP) will work with the DBBL under the deal, which has been operating in Bangladesh since 2004 and currently works with 13 local partner banks.
The TFP programme has conducted 1,983 transactions, supporting almost $3.1 billion in trade in Bangladesh and benefiting 966 small and medium-sized enterprises (SMEs).
Through the SMEs programmes, it has supported a wide range of sectors in the country, including food and agricultural goods, commodities and industrial machineries, and capital goods.
Santosh Pokharel, TFP's Relationship Manager for Bangladesh said, "We are delighted to strengthen our partnership with Dutch-Bangla by signing this revolving credit facility."
He said, "The agreement provides additional funding for DBBL to support trade and we anticipate that many small and medium-sized enterprises will benefit."
Abul Kashem Md Shirin, CEO of the DBBL, said, "DBBL has been a partner bank of TFP since 2009 and we are grateful for ADB's continued trust and assistance in promoting trade development in Bangladesh".
Last September, the DBBL was presented with TFP's Leading Partner Bank in Bangladesh Award for the third consecutive year.
Since 2009, the TFP has supported more than 12,000 SMEs across developing Asia-through over 16,600 transactions valued at over $30 billion-in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.