Trade-Related Financial Services - Australia
Sometimes, even when a budding entrepreneur in a developing country has a product to offer international markets, exporting can be problematic for a wide range of reasons, including a lack of appropriate finance. To help address such market gaps, Australia is providing additional resources into the ADB’s Trade Finance Program (TFP). The TFP will help strengthen inter-bank relationships, including by improving prudential and governance practices of banks in developing countries, helping banks make trade finance products available, and co-insuring trade transactions (with private banks). Australia’s support will see the TFP extended to include more banks in Asia (Bangladesh, Cambodia, Myanmar and Vietnam), and for the first time banks in Pacific countries. The TFP has supported over US$4 billion in trade and more than 2,000 transactions per year. It has become a flagship of the ADB, and has won the Global Trade Review magazine’s award for “Best Development Bank in Trade”.