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City Bank acquires $30m loan from OPEC Fund

Published : Sunday, 23 June, 2024 at 12:00 AM  Count : 114
Business Desk
City Bank recently signed a $30 million loan agreement with OPEC Fund for International Development (the OPEC Fund) to support international trade by providing financing to import and export companies in Bangladesh, especially in the agriculture and green energy sectors.

OPEC Fund Vice President Tareq Alnassar and Additional Managing Director and Chief Business Officer of City Bank Sheikh Mohammad Maroof signed an agreement at the OPEC Fund headquarters in Vienna, according to a press release.

Tareq Alnassar said that the OPEC Fund will facilitate the flow of goods at a time of supply chain disruptions, thus addressing food insecurity pressures and climate change by partnering with City Bank to provide trade finance to suppliers in Bangladesh.

"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," Alnassar added.

Sheikh Mohammad Maroof described the strategic partnership with the OPEC Fund as a major milestone in their commitment to support the economic growth and development of Bangladesh.

"By leveraging the trade finance facilities provided by the OPEC Fund, we will be able to enhance the capabilities of our import and export-based companies, particularly in the crucial sectors of agriculture and green energy. We look forward to working closely with the OPEC Fund to achieve these goals," he said.

The press release says the OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively.

"Since inception in 1976, this organisation works 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," the release adds.



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