Citizens Bank signs agreements for three Bangladesh Bank refinance schemes
Citizens Bank PLC has signed three participation agreements with the Sustainable Finance Department of Bangladesh Bank under refinance schemes worth a combined Tk5,000 crore for export diversification, green industries and the information and communication technology (ICT) sector.
The agreements cover a Tk3,000 crore refinance scheme to support export diversification, a Tk1,000 crore scheme to support the establishment of green industries and green factory buildings, and a Tk1,000 crore scheme to support the development of the ICT sector, according to the press release.
Citizens Bank PLC Managing Director Alamgir Hossain and Bangladesh Bank Sustainable Finance Department Director AKM Nurunnabi signed the agreements on behalf of their respective organisations at the central bank's head office in Dhaka.
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Other senior officials from both institutions attended the agreement-signing ceremony.
The three participation agreements establish a framework enabling Citizens Bank to access Bangladesh Bank's refinance facilities and provide affordable and targeted financing to eligible enterprises in priority and emerging sectors of the economy.
The Tk3,000 crore export diversification scheme is aimed at expanding financing opportunities for eligible businesses and supporting efforts to diversify Bangladesh's export base.
The Tk1,000 crore green financing scheme is intended to support sustainable and environmentally responsible industrial development and encourage the establishment of green industries and green factory buildings.
The Tk1,000 crore ICT refinance scheme is designed to expand financing opportunities for eligible businesses in the technology sector and contribute to the continued development of Bangladesh's ICT industry.
Citizens Bank said its participation in the schemes is expected to promote export diversification, support environmentally responsible industrial development, encourage green investment and contribute to the growth of the country's ICT sector.
