City Bank, UNDP sign MoU to boost climate finance
City Bank PLC has entered into a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to advance climate finance in Bangladesh, with an emphasis on developing the nation's burgeoning green and thematic bond market.
The MoU was signed by City Bank Managing Director and CEO Mashrur Arefin and UNDP Bangladesh Resident Representative Stefan Liller at a ceremony at City Bank's head office in Dhaka.
Through this partnership, City Bank seeks to take a pioneering role by issuing one of the first green bonds by a commercial bank in Bangladesh. The initiative will enable financing for eligible green projects, such as climate adaptation and mitigation, thereby contributing to a more resilient and sustainable economy.
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Under the agreement, UNDP will provide technical assistance to City Bank during the pre-issuance phase of the green bond. UNDP will also assist in developing a robust green bond framework aligned with international standards, including impact measurement, reporting, governance of proceeds, and structuring to ensure transparency, credibility, and investor confidence.
Mashrur Arefin said, "City Bank is working on issuing a green bond. Our collaboration with UNDP will unlock new opportunities for sustainable financing and accelerate the development of Bangladesh's green bond market."
Stefan Liller said, "Unlocking new sources of climate finance is critical for Bangladesh. This partnership is an important step towards connecting global sustainable finance with local needs and opportunities."
The partnership is expected to set benchmarks for future thematic bond issuances and encourage greater private sector participation in sustainable finance.
As a leading private commercial bank, City Bank PLC remains committed to advancing sustainable finance and supporting Bangladesh's climate priorities. The partnership with UNDP reinforces the bank's focus on strengthening ESG practices and shaping a more sustainable financial ecosystem.
