The Asian Development Bank (ADB) recognized the People’s Bank by awarding it the “Most Responsive Bank against Covid-19” at the prestigious ADB Trade and Supply Finance Program Awards 2021 (TSCFP Awards 2021).

The TSCFP awards recognize the main partner banks of the AfDB and the fact that the aforementioned award was one of the key awards of this ceremony chosen from among hundreds of nominations submitted by leading banks in Asia, underlines the importance of this award. distinction. The award was received following a rigorous independent evaluation which takes into account multiple factors such as the positive impact of the particular transaction on the country, how it enabled the client to improve their business and the how TSCFP contributed to the success of the transaction.

TSCFP provides guarantees and loans to banks to support international trade. Backed by the ADB’s AAA credit rating, the program works with more than 200 partner banks in Asia to provide businesses with the financial support they need to engage in import and export activities. Since 2009, AfDB’s TFP has supported more than 12,000 small and medium-sized enterprises across developing Asia in sectors ranging from commodities and capital goods to medical supplies and consumer goods.

The People’s Bank, which has the largest physical and digital banking footprint across the country, has kept trade routes to Sri Lanka open by helping its clients transact with counterparties around the world despite the many challenges posed by the Covid 19 crisis. The essential service it renders to the nation was once again highlighted by this recognition, as this particular award was intended for a transaction for the importation of essential drugs and medical equipment at most height of the pandemic.

The People’s Bank, using its trade finance facilities, has enabled its clients to negotiate with companies that would otherwise be reluctant to do business with them due to perceived risk. The bank improved its ability to provide trade finance facilities to its clients by joining the Asian Development Bank’s trade finance program in 2011. Some foreign companies or their banks may have risk limits for Sri Lanka. or region, which may discourage them from doing business on credit. . As a result, the counterparty bank may wish for a letter of credit opened by a customer in Sri Lanka to be confirmed by another party, which would incur an additional cost. Since the People’s Bank participates in the PTF, the bank is able to use a guarantee from the ADB and give foreign parties the opportunity to deal with Sri Lankan entities.

Foreign companies value the ADB’s guarantee because of the high standards maintained by the Asian Development Bank in assessing and accepting a bank into its program, which involves full due diligence. The TFP also helped Sri Lanka during the recent credit rating downgrade, allowing business to continue.

Commenting on the achievement, the President of the People’s Bank, Sujeewa Rajapakse, said, “This achievement is yet another testament to the People’s Bank’s unwavering commitment to look beyond mere profit motives and help the country every time. that he is called upon to do so. It gives us a great sense of accomplishment to see that our efforts have produced the desired results in terms of bringing the pandemic situation under control and returning the country to normalcy. “

Recognizing the bank’s most recent international accolade, Banque Populaire CEO / Managing Director Ranjith Kodituwakku said, “We recognize the national role that a bank of our caliber must play when the country is faced with a difficult situation. critical. That is why our entire team worked tirelessly and tirelessly to offer all banking services without interruption despite the unprecedented challenges we faced. It is indeed an encouragement to see that the efforts of our team have not gone unnoticed ”

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