Tashkent, Uzbekistan (UzDaily.com) — The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) and Joint-Stock Commercial Bank “Turonbank”, Uzbekistan have signed a new credit agreement to support trade in the country. The document exchange ceremony was held on 21 July in the office of ADB representative office in Uzbekistan. The ceremony was attended by Enrico Pinali, Officer-in-Charge of ADB in Uzbekistan and Chori Mirzaev, Chairman of the Board of Turonbank JSCB.

"We welcome the addition of Turonbank to the existing portfolio of 9 banks that are partners in ADB’s Trade and Supply Chain Finance Program in Uzbekistan," said Enrico Pinali, Officer-in-Charge of ADB in Uzbekistan.

“With this agreement we are increasing our commitment to Uzbekistan and to helping more companies get the funding they need to boost trade and jobs. This is critical given the disruptions in supply chains caused by the global pandemic and more recently, the war in Ukraine” said ADB Relationship Manager for Uzbekistan, Can Sutken.

In Uzbekistan, the TFP has supported US$2.1 billion in trade in through 767 transactions from inception to March 2022. In addition to filling market gaps, the TFP’s objective is to mobilize private sector capital / involvement in developing Asia. US$1.2 billion of the total support to Uzbekistan through the TFP was cofinanced by the private sector. In 2021 only, the TFP supported 121 transactions valued at US$327.9 million – US$166 million of which was cofinanced by the private sector.

"Turonbank has been working effectively with the Asian Development Bank for several years, implementing many successful projects. We are very pleased to join the TSCFP, which will allow us to support Uzbek exporting enterprises and generate employment," said Chairman of the Board of Turonbank JSCB, Chori Mirzaev. 

About the Programme: 

Backed by ADB’s AAA credit rating, TSCFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities. Since 2009, ADB’s TSCFP has supported around 20,000 SMEs across developing Asia in sectors ranging from commodities and capital goods to medical supplies and consumer goods. 

TSCFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and works to fight crime through greater transparency in the global financial system. In 2020, TSCFP developed an interactive mapping tool for the supply chains of vital COVID-19-fighting products to target slowdowns and blockages in those supply chains. It also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.