J.P. Morgan, ADB partner to widen working capital financing access for Indian firms

MUMBAI, Oct 23 (Reuters) - J.P. Morgan JPM.N and multilateral lender Asian Development Bank [RIC:RIC:ADB.UL] will expand their working capital financing program to India, the US-based bank said.

The program, which will involve a risk-sharing framework, will help manufacturers, buyers and suppliers secure funding for growth and trade at a time when businesses are facing challenges due to increasingly complex global supply chains.

Here are some details:

• J.P. Morgan's statement from Thursday did not specify a financing amount or when the program is expected to launch

• The framework is part of ADB's trade and supply chain finance program and offers risk mitigation solutions across trade and supply chain finance products

• It will target businesses in food, pharmaceuticals, electric vehicles, renewable energy and sustainability-focused sectors

• ADB's guarantee and J.P. Morgan Payments' financing capabilities will help broaden support for businesses, said Steven Beck, head of trade and supply chain finance at ADB.