Two Indonesian Banks Sign Trade Agreements With ADB

Published: 25-Nov-2009

To provide crucial support for their local exporters and importers

Two Indonesian banks PT Bank Mandiri (Persero) Tbk and PT Bank Muamalat Indonesia, have signed trade financing agreements with the Asian Development Bank (ADB), to provide crucial support for their local exporters and importers. The agreements are part of ADB's Trade Finance Facilitation Program (TFFP).

James Nugent, country director of ADB's Indonesia resident mission, said: "These agreements with ADB will make it easier for Indonesian banks to extend trade financing. Easier access to trade finance will help Indonesian companies at a time when external trade is gradually recovering from the effects of the global financial crisis."

Philip Erquiaga, director general of private sector operations department at ADB, said: "Participating in ADB's trade finance program will connect those Indonesian banks and their clients more closely in global banking, trade and business networks, which should ultimately reap rewards in terms of higher domestic and world economic growth."

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