City Bank has entered a significant agreement with the OPEC Fund for International Development, securing a US$30 million loan aimed at bolstering international trade in Bangladesh. The partnership, formalized in Vienna at the OPEC Fund Headquarters, targets financing support for import and export companies, particularly those in the agriculture and green energy sectors.
OPEC Fund vice president Tareq Alnassar and Sheikh Mohammad Maroof, additional managing director and chief business officer of City Bank, signed the agreement to foster trade of agricultural and green energy products within Bangladesh. Alnassar highlighted the importance of this collaboration, stating, “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 expressed enthusiasm about the strategic partnership, stating, “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, established in 1976, serves as the only globally mandated development institution exclusively providing financing from member countries to non-member countries. It collaborates with developing country partners and the international development community to stimulate economic growth and social progress in low and middle-income countries worldwide.
Related topics:
OPEC’s Decision to Increase Oil Output Risks Climate Goals, Analysts Warn
What Time Is Opec’s Meeting Today?
Former Pioneer CEO Accused Of Colluding With Opec Hires Dc Lobbying Firm
