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Two Indonesian banks have signed trade financing agreements with the Asian Development Bank as part of the latter's Trade Finance Facilitation Program (TFFP), the Manila based lender announced on Wednesday.
The agreements, signed by PT Bank Mandiri (Persero) Tbk and PT Bank Muamalat Indonesia, will help them provide crucial support for their local exporters and importers, the ADB said in a statement.
"These agreements with ADB will make it easier for Indonesian banks to extend trade financing," said James Nugent, Country Director of ADB's Indonesia Resident Mission. "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."
Under the $1 billion TFFP initiated in 2004, the ADB provides finance and guarantees in conjunction with international banks and banks in developing member countries. By attracting private sector financing, the program could generate as much as $15 billion in trade finance through 2013.
"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," said Philip Erquiaga, Director General of ADB's Private Sector Operations Department, which oversees the TFFP.
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