Sampath Bank PLC recently announced its entry into the Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP), a partnership aimed at widening access to trade finance across Sri Lanka. This strategic move is said to benefit a broad spectrum of international trade customers, from large corporates to emerging businesses.
The partnership was formalised at the Sampath Bank Head Office in Colombo, where the Managing Director Designate of Sampath Bank, Sanjaya Gunawardana and ADB’s Sri Lanka Country Director, Takafumi Kadono, signed the agreement in front of senior leaders from both organisations.
“ADB is pleased to partner with Sampath Bank under the TSCFP, reaffirming our commitment to strengthening Sri Lanka’s private sector and building a resilient financial ecosystem. Through this collaboration, ADB and Sampath Bank will unlock greater access to trade finance for businesses engaged in international trade, driving business growth and regional integration”, said Takafumi Kadono, Country Director for Sri Lanka.
Through this initiative, trade finance instruments issued by Sampath Bank will now qualify for ADB’s credit guarantees. This development is expected to lower the risk associated with cross-border transactions and draw in more international banking partners. As a result, Sampath Bank will be able to offer a stronger lineup of trade finance solutions that are timely, competitive, and sustainable, delivered to a broader range of businesses.
“Joining the TSCFP now is a timely development as revitalising trade is key to Sri Lanka’s economic recovery. This partnership enables us to extend our support to exporters and importers, while advancing our mission of inclusive and sustainable growth”, said Sanjaya Gunawardana, Managing Director Designate at Sampath Bank.
Backed by ADB’s AAA credit rating, the TSCFP operates through a global network of over 200 partner banks and has, since 2009, supported more than 121,000 transactions worth approximately USD 77 billion across Asia, playing a pivotal role in enhancing trade flows in emerging markets.
Sampath Bank has already begun a close collaboration with ADB, participating in the program’s capacity-building efforts designed to upgrade trade finance operations through enhanced risk management strategies and streamlined procedures.
The partnership is expected to catalyse Sri Lanka’s participation in regional and global trade, supporting importers and exporters in expanding their businesses and achieving new milestones in international markets.
Photo Caption:
Sanjaya Gunawardana, Managing Director Designate of Sampath Bank (seventh from left), and Takafumi Kadono, Sri Lanka Country Director of the Asian Development Bank (eighth from right), at the partnership ceremony, together with senior representatives of Sampath Bank and the Asian Development Bank.
