Trade finance: ADB inks deal to boost Asian trade
Reinsurance giant Swiss Re will insure $250 million of trade finance conducted via the ADB's Trade Finance Programme.
As part of an innovative agreement to boost exports and imports in developing Asia, reinsurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) Trade Finance Programme.
The move marks the first time that the Swiss Re Group has provided insurance via a trade programme run by a multilateral development bank and also the first time ADB’s Trade Finance Programme has offset risk with a private insurance company, according to an ADB statement.
Many Asian nations find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
Published in The Express Tribune, July 8th, 2011.