First News
Volume:7, Number:43
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THIS WEEK

ADB and City Bank Sign New Trade Finance Agreement in Bangladesh

| MAM Bulbul |

The Asian Development Bank (ADB) and the City Bank Limited signed a loan agreement for USD5 million in the capital on April 27 to support import and export financing for Bangladeshi businesses. Under the agreement, ADB’s Trade Finance Program (TFP) will provide trade loans to the City Bank for lending to local firms. The City Bank became a partner bank in ADB’s TFP in early 2016 under the TFP’s guarantee product. Since that time, ADB and the City Bank have worked on 8 transactions together, valued at USD15 million. The revolving credit facility signed today is an expansion of the ADB TFP-the City Bank relationship, which will provide even more support to companies operating in Bangladesh. The TFP has been operating in Bangladesh since 2005 and currently works with 14 local partner banks. To date, the program has supported over 1,700 transactions, for almost USD2.5 billion in trade in Bangladesh. The City Bank is one of the oldest private commercial banks in Bangladesh with total assets at about BDT260 billion as of December 2016, and an extensive network of 120 branches all over Bangladesh.

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