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ADB signs deal with Axis Bank to help Indian SMEs participate in trade

Updated: Apr 09, 2022 06:46:10am
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ADB signs deal with Axis Bank to help Indian SMEs participate in trade

New Delhi, April 9 (KNN) The Asian Development Bank (ADB) has signed a deal with Axis Bank Limited (Axis Bank), worth up to USD 150 million, to make it easier for small and medium-sized enterprises (SMEs) in India to participate in trade through environmental and socially sustainable supply chains.

The deal will assist Axis Bank in amplifying its support of SMEs, freeing up capital which will increase the amount of support it can lend to sectors identified by Axis Bank as the most important to sustainability.

Axis Bank is India's third-largest private sector bank with sector coverage from SMEs, large and mid-corporates, agriculture, and retail businesses. With its 4,700 domestic branches (including extension counters) and 11, 060 ATMs across the country as of 31 December 2021, the network of Axis Bank spreads across 2,665 centers.

Backed by ADB's AAA credit rating, the Trade and Supply Chain Finance Program (TSCFP) provides loans and guarantees to more than 200 partner banks to support trade, creating import and export opportunities for enterprises across Asia and the Pacific.

The enablement derived from the supply chain financing program with ADB will further boost our propositions and fortify our stronghold as a truly universal bank, said Axis Bank Managing Director and CEO Amitabh Chaudhry. (KNN Bureau) 

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