Asian Development Bank (ADB) and Standard Chartered Bank partner to expand supply chain finance in India

Key facts

• The Asian Development Bank (ADB) and Standard Chartered Bank signed agreements in Mumbai to strengthen supply chain finance in India through risk-sharing arrangements for US dollar and Indian rupee transactions.
• The partnership includes a risk participation arrangement through Gujarat International Finance Tec-City (GIFT City) for US dollar-denominated transactions and a Partial Guarantee Facility Agreement for onshore Indian rupee transactions.
• The collaboration focuses on distributor financing to improve access to working capital for downstream businesses, particularly small and medium-sized enterprises (SMEs).
• The agreements were signed by ADB Vice-President Bhargav Dasgupta and Standard Chartered Bank India and South Asia Chief Executive Officer P.D. Singh.
• Standard Chartered was the first foreign bank to commence banking operations in GIFT City in 2020 and has financed more than USD 23 billion in trade and capital flows.