In order to promote international trade, City Bank recently inked a $30 million loan agreement with the OPEC Fund for International Development. The cash will be used to finance Bangladeshi importers and exporters, particularly in the fields of agricultural and green energy.
The agreement was negotiated at the OPEC Fund for International Development’s Vienna offices by Sheikh Mohammad Maroof, the bank’s chief business officer and additional managing director, and vice president Tareq Alnassar, according to a news release.
“By partnering with City Bank to provide trade finance to suppliers in Bangladesh, the OPEC Fund will facilitate the flow of goods at a time of supply chain disruptions, thus addressing food insecurity pressures and climate change,” Alnassar stated.
“The OPEC Fund will help import and export companies, especially those in the agriculture and green energy industries, to receive financing and reduce financing gaps,” he stated.
“We are excited to begin this important collaboration. This partnership represents a significant turning point in our dedication to assisting Bangladesh’s economic development and progress,” Maroof stated.
“Through the utilization of trade finance facilities, our import and export-oriented businesses will be able to improve their capacities. To accomplish these objectives, we look forward to collaborating closely with the OPEC Fund,” he stated.
According to the press release, the OPEC Fund for International Development is the only multilateral development finance agency with a global mandate that solely lends money to non-member nations.
Since its founding in 1976, the organization has promoted social advancement and economic prosperity in low- and middle-income nations by collaborating with partners in developing nations and the international development community.
