Image via Wikipedias part of an innovative agreement to boost exports and imports in developing Asia, re-insurance giant Swiss Re will insure $250 million of trade finance conducted via the Asian Development Bank’s (ADB) trade finance program.
The move marks the first time that the Swiss Re Group, through its commercial insurance unit Swiss Re Corporate Solutions, has provided insurance via a trade program run by a multilateral development bank and also the first time ADB’s Trade Finance Program has offset risk with a private insurance company.
Asia’s economy is growing rapidly, but that is largely due to the exporting prowess of a handful of countries led by the People’s Republic of China, along with a few others such as the Republic of Korea and Singapore.
Many other Asian nations, by contrast, find it difficult to export or import key goods because they struggle to get the trade finance they need from international and local banks.
To fill that gap, the ADB’s Trade Finance Program provides guarantees and loans to banks to enable them to provide trade finance, particularly in so-called frontier economies.
http://mb.com.ph/articles/325896/swiss-reinsurance-insure-250million-trade-financing-adb
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