City Bank has recently signed a $30 million loan agreement with the OPEC Fund for International Development (OPEC Fund) to support international trade in Bangladesh. This funding will primarily target import and export companies in the agriculture and green energy sectors, aiding their financing needs and fostering economic growth. The partnership aims to enhance the trade of agricultural and green energy products within Bangladesh, according to a press release issued by City Bank.
By partnering with City Bank, the OPEC Fund aims to provide trade finance to suppliers in Bangladesh. It will facilitate the flow of goods amid supply chain disruptions. This initiative will address food insecurity pressures and climate change. The OPEC Fund will assist import and export companies, particularly in agriculture and green energy, in securing financing and reducing financing gaps.
Additional Managing Director and Chief Business Officer of City Bank, Sheikh Mohammad Maroof expressed his enthusiasm about the strategic partnership, saying, “We are delighted to enter this strategic partnership with the OPEC Fund. This collaboration marks a major milestone in our commitment to support the economic growth and development of Bangladesh. By leveraging the trade finance facilities provided by the OPEC Fund, we will enhance the capabilities of our import and export-based companies, especially in agriculture and green energy. We look forward to working closely with the OPEC Fund to achieve these goals.”
The OPEC Fund for International Development is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. Since its inception in 1976, the organization has worked in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low and middle-income countries around the world.
This new loan agreement is expected to significantly contribute to the economic development of Bangladesh by supporting vital sectors and addressing key challenges such as supply chain disruptions, food insecurity, and climate change.
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