Kolkata, April 7 : Axis Bank has signed a Partial Guarantee Facility Agreement (PGFA) with the Asian Development Bank (ADB) to support supply chain financing for impact sectors, under which ADB will provide guarantees (variable) to the lending done by Axis Bank. The program is scalable, with an initial foundational ramp-up of nearly USD 150 million. Though sector agnostic, the program will have special focus on ESG and other priority sectors, re-affirming both institutions’ commitments to positive developmental & environmental impact in the country, according to a media release. On the partnership, the bank’s Managing Director and Chef Executive Amitabh Chaudhry, said, “The enablement derived from the supply chain financing programme with ADB will further boost our propositions and fortify our stronghold as a truly versal bank.” As the economy charts its recovery from the disruptions due to pandemic, and adapts to the under-currents of the ongoing global conflicts. The programme stands to support the sectors rampaged by bottlenecks, shortages and delays due to the Covid pandemic. Steven Beck, Head – Trade and Supply Chain Finance Program, Asian Development Bank, said, “We are very pleased to lend more support to SMEs, contribute to economic growth, and create the jobs that improve people’s lives.” The programme covers various supply chain financing product variants, including one-year working capital demand loans. With the terms of engagement being perpetual and open-ended, the program has the flexibility to add innovative products as supply chain financing evolves over time. SJC KK SSP ARN