OREANDA-NEWS. December 17, 2012.  KICB signed an agreement with ADB on trade finance. The signing of these agreements will allow the bank to assist local companies in expanding their foreign trade activities and integration into the regional and global business community, the ADB representation office in the Kyrgyz Republic says.

Kyrgyz Investment and Credit Bank (KICB)joined more than 200 partner banks in Asia and the Pacific, in the framework of ADB's Trade Finance Program (TFP).

 According to program manager of ADB’s Trade Finance Program Stephen Beck, "We are pleased to incorporate Kyrgyzstan's trade finance program, and believe that the program stimulates economic growth and job creation in the country".

 PTF ADB fills a market deficit in trade financing by providing guarantees and loans through partner banks. First PTF supports developing markets in which market deficit in trade finance is the most significant. In 2011, the PTF support trade finance transactions in the amount of USD 3.5 billion. PTF volumes grew by more than 30% in the first eight months of 2012 compared with the same period last year. More than 40% of the portfolio accounts for PTF maintenance of trade among developing member countries of ADB.

 ADB's Trade Finance Program (TFP) fills market gaps for trade finance by providing guarantees and loans to banks to support trade.

 Backed by its AAA credit rating, ADB’s TFP works with over 200 partner banks to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets. With dedicated trade finance specialists and a response time of 24 hours, the TFP has established itself as a key player in the international trade community, providing fast, reliable, and responsive trade finance support to fill market gaps.

 A substantial portion of TFP’s portfolio supports small and medium-sized enterprises (SMEs), and many transactions occur either intra-regionally or between ADB’s developing member countries. The program supports a wide range of transactions, from commodities and capital goods to medical supplies and consumer goods.