City Bank acquires $30 million loan from OPEC Fund

City Bank recently signed a $30 million loan agreement with the OPEC Fund for International Development (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 Sheikh Mohammad Maroof, Additional Managing Director and Chief Bussiness Officer of City Bank signed an agreement in Vienna at the OPEC Fund Headquarters to promote trade of agricultural and green energy products in Bangladesh, reads a press release.

Alnassar expressed `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.

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.'

Sheikh Mohammad Maroof said, "We are delighted to enter this strategic partnership with the OPEC Fund. This collaboration signifies 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 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."

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 its 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.