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ADB, Kina sign deal to boost trade in PNG

Staff Reporter 5/10/2017 | |
AN agreement was signed yesterday between the Asian Development Bank (ADB) and Kina Bank to support increased trade in Papua New Guinea.
The deal will enable ADB’s Trade Finance Program (TFP) to provide a credit guarantee facility that can support up to $4 million (K13million) of trade annually.
The agreement was signed by Christine Engstrom, ADB’s director for the Private Sector Financial Institutions Division, and Syd Yates, Kina Group’s chief executive officer, on the sidelines of the 50th Annual Meeting of ADB’s Board of Governors in Yokohama, Japan.
“We are delighted to be partnering with Kina Bank to support increased trade in PNG,” said Ms Engstrom.
“With ADB’s backing, Kina will be able to grow its trade finance operations and increase financial support to local importing and exporting businesses, including small and medium-sized enterprises.”
Kina is the first bank in PNG that TFP is partnering with, and the third bank in the Pacific to join the program.
TFP has operated since 2004 across Asia. In 2015, the Government of Australia provided financial assistance for its expansion to the Pacific.
“We are very excited about joining ADB’s Trade Finance Program,” said Mr Yates.
“Joining the program enables Kina to leverage the AAA international rating of ADB to add value to our client’s international trading activity.”
“It also demonstrates ADB’s comfort with Kina’s strong framework for managing the risks pertinent to international transactions.”
TFP, backed by ADB’s AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities.
Since 2009, TFP has supported more than 9,200 small and medium-sized businesses across developing Asia — through over 13,000 transactions valued at over $25.5 billion (K83.3bn)— in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.

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