The Deputy Finance Minister of Myanmar Dr. Maung Maung Thein and the Director General of the Southeast Asia Department in Asian Development Bank (ADB) Mr. James Nugent have signed a framework agreement. This agreement will make it possible for ADB to grow its Trade Finance Program (TFP) into Myanmar. The main aim of TFP is to boost international trade and it hopes to achieve that by supporting the extension of trade finance. As per this program, ADB will provide credit facilities and technical assistance to partner banks. Additionally, it will also guarantee trade finance instruments, such as letters of credit, issued by Myanmar banks. Another advantage provided by TFP that it will assist banks in Myanmar forge new relationships with international banks which in turn will enable them to attract new clients.
Speaking in favor of TFFP, Dr. Maung Maung Thein stated that the Government of Myanmar supports this program and he firmly believes that it prove greatly beneficial by enhancing the capacity of partner banks to provide trade finance to Myanmar’s clients. He says that the capacity improvement will happen for both importing and exporting clients. Speaking on behalf of ADB, Mr. Nugent said his bank is really proud to be associated with Myanmar Government and to be a part of its initiatives that towards the improvement of business environment. Stating the benefits provided by TFFP he stated that this program will assist domestic Myanmar businesses to enter and compete in international markets and it will also provide a boost to the trade and investment in the country.