Standard Chartered Sri Lanka clinches ADB’s prestigious Trade Finance Deal of the Year 2020 Award

Thursday, 5 November 2020 00:54 - - {{hitsCtrl.values.hits}}

Awarded in recognition of a $ 25m trade loan extended for purchase of medical supplies for national initiative against COVID-19

Standard Chartered Sri Lanka has won the Asian Development Bank’s (ADB) prestigious Trade Finance Deal of the Year 2020 (Confirming Bank) Award at the Trade & Supply Chain Finance Program (TSCFP) Awards hosted virtually on 28 October. The award recognised an underlying risk participation deal the ADB entered into with the bank on a $ 25 million trade loan extended to State-owned People’s Bank.

Speaking on the recognition by the Asian Development Bank, Standard Chartered Sri Lanka Chief Executive Officer Bingumal Thewarathanthri stated, “It is a privilege for Standard Chartered Sri Lanka to be awarded the Trade Finance Deal of the Year 2020 by the ADB, especially on a transaction intended for a purpose that is close to our hearts. The award further strengthens our long-standing relationship with the ADB, which exclusively reached out to us in Sri Lanka for this deal. At a time the COVID-19 pandemic is gripping the world, it is truly reflective of our promise ‘Here for good’, that we were able to facilitate this deal for People’s Bank to enable the State Pharmaceutical Corporation’s operations to purchase medical supplies to aid in the national initiative against COVID-19 and to benefit the people of Sri Lanka.” The annual TSCFP Awards (formerly TFP Awards) follow a rigorous evaluation process undertaken independently. The awards covered transactions from 1 July 2019 to 30 June 2020 and considered how ‘TFP’ the transaction was, by factoring in three main elements; Trade impact, Footprint and Partnership. It evaluated the impact the transaction has had on the country, the role it plays in helping the client improve their business, and how the ADB’s Trade and Finance Programme contributed to the success of the transaction. “The Trade Finance Deal of the Year 2020 award comes at a pivotal time for Standard Chartered Sri Lanka, when the Standard Chartered Group has committed to support partners working towards the elimination of COVID-19. The significance of this transaction for People’s Bank, the State Pharmaceutical Corporation and the country is amply recognised by the ADB through this award,” stated Standard Chartered Sri Lanka Head of Financial Institutions Lakshan Goonetilleke commenting on the award-winning deal.