REPUBLIKA.CO.ID, JAKARTA - Asian Development Bank (ADB) and Standard Chartered Bank signed an agreement worth 800 million USD for cooperation to support financing network for small medium enterprises (SMEs) sector in Asia.

"ADB is proud to sign such cooperation agreement with Standard Chartered to cover gap in market to support development and job creation in Asia," ADB's Trade Finance Director, Steven Beck said on Friday.

Most of those SMEs are suppliers who distribute raw materials to large corporates. ADB and Standard Chartered will share risks in transaction. The cooperation will support development of distribution network in Asia and other regions in the world. ADB will fill the market gap to support development and job creation in Asia. It is supported by AAA credit rating and Trade Finance Program (TFP).

While Global Head, Liability and RWA Management of Standard Chartered, Joshua Cohen said that this cooperation would support trade route as lifeblood of global economy. The bank has committed to increase SMEs lending up to 45 percent to Asian market, Africa, and Middle East in next five years. 

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