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EFIC (Export Finance and Insurance Corporation) has extended a participation agreement with the Asian Development Bank (ADB) to include Vietnam, making it easier for companies in the emerging economy to import Australian-made products.
The agreement will see EFIC ‘share in the risk’ that ADB takes when it provides guarantees against non-payment under financial instruments issued for the payment of Australian exports to Vietnam, says EFIC.
Through its Trade Finance Program (TFP), the ADB reportedly fills market gaps by providing guarantees and loans through over 200 partner banks to support trade, facilitating growth for developing Asian economies.
It targets Asia’s most challenging markets and reportedly supported more than 668 SMEs in 2011.
According to Steve Beck, Head of Trade Finance at ADB, trade is critical to economic growth and reducing poverty in the area.
EFIC Director, Trade, Commodity & Agribusiness Finance, Colin George, said: “This is a great opportunity for Australian companies to gain access to markets that years ago were difficult to enter due the lack of trade finance available to them.”