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Axis Bank inks USD 150mn partial guarantee pact with ADB
April 11, 2022
Axis Bank said it has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of USD 150 million (₹1,139.85 crore), aimed at supporting supply chain financing for impact sectors. The special focus will be on ESG and priority sectors.
Axis Bank has signed a partial guarantee facility agreement (PGFA) with ADB to help production network supporting for impact sectors, under which ADB will provide guarantees (variable) to the lending done by Axis Bank, the bank said in a release.
The programme is scalable, with an initial foundational ramp-up of almost USD 150 million, it said.
Axis Bank expressed that even as the program is sector agnostic, it will have a special focus on ESG (ecological, social, and governance) and other priority sectors, re-affirming both institutions’ commitments to positive developmental and environmental impact in the country.
“At Axis Bank, we are focused on giving accessible funding and solutions, supporting a more inclusive trade ecosystem, and aiding our corporate/SME clients with all their business needs through innovative financial products and tailored lending solutions.
“We are keen to provide integrated holistic financial services, thereby becoming a part of their growth journeys. The enablement derived from the supply chain financing programme with ADB will additionally boost our propositions and strengthen our stronghold as a truly universal bank,” Amitabh Chaudhry, MD, and CEO, Axis Bank said.
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