The Asian Development Bank (ADB) and the International Chamber of Commerce (ICC) Academy recently signed an agreement to offer online training courses and accreditation programs on global trade and trade finance. The courses will be offered by ADB’s Trade Finance Program (TFP) using ICC Academy’s international training model and digital platform.
The first course will be available this February and subsequent courses will be rolled out during the first half of 2017. The initial phase will benefit 150 bank staff from approximately 80 TFP partner-banks. The initial phase will offer 2 online Certification Programs – the Global Trade Certificate (GTC) and the Certified Trade Finance Professional (CTFP). Through this capacity-building initiative, the TFP enables its partner-banks to provide better financial support to local export and import companies.
The ICC Academy is the International Chamber of Commerce’s ground-breaking e-learning platform. The ICC Academy delivers online certification and professional development services to meet the educational needs of banks, corporates, and other organizations at the forefront of international trade.
The ADB 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. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
IIB provides its first short-term trade-related loan
Under its Trade Finance Support Programme (TFSP) in December 2016, the International Investment Bank (IIB) concluded its first framework agreement with Russian CB LOCKO-Bank on provision of trade-related loans to finance foreign trade operations, and carried out its first transaction in favor of the borrower in the amount of USD 1.0 Million. The funds will be used to finance supplies of products from Vietnam to the Russian Federation.
The transaction with CB LOCKO-Bank expands the geography of IIB’s trade finance (TF) operations and represents the first TF operation supporting export from Vietnam to the Russian Federation by the multilateral development institution. This is also the first time the Bank has implemented its new instrument, i.e., trade-related loan.
TF is becoming an important element of IIB’s strategy not only on the markets of EU countries, but also on the Asian direction. The corresponding product line, comprising bank guarantees, standby letters of credit and irrevocable reimbursement undertakings, now also includes short-term trade related loans, allowing the Bank to carry out its mission in the member states more effectively.