Asian Development Bank (ADB) has allocated some 700 million U.S. dollars to facilitate Indonesian banks in providing Trade Financing Facilitation Program (TFFP) for Indonesian businesses, a senior ADB official said here on Wednesday.
"The ADB's trade financing program is also aimed at increasing the domestic's businessmen's access to the banks, trade community and the global trading society. It would eventually improve the leverage of Indonesian businesses and spur the nation's and the world's economic growth," ADB Indonesia Country Representative James Nugent told a press conference here.
James said that Indonesian largest state-run bank, Bank Mandiri and Indonesian first Islamic bank, Bank Muammalat Indonesia become the initial
recipients of the ADB's assistance fund.
According to James, the TFFP is provided for the private enterprises and for the state-run ones.
"The TFFP rate would be adjusted with the bank's ongoing rates. We hope that other Indonesian banks would take part in the TFFP program," James said.
As of October 2009, the ADB's TFFP program has been involved in more than 1,700 global trade transactions worth more than 1.9 billion U.S.
dollars, James added.