ITFC arranges $40m for Prime Bank

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has arranged a syndicated murabaha financing facility worth of $40 million for Prime Bank Ltd.

The financing facility will support the growing trade business of the bank for SME and corporate segments, said a press release.

Hassan O Rashid, managing director and CEO of Prime Bank, and Nazeem Noordali, chief operating officer of ITFC, signed the agreement at the former's headquarters in Dhaka.

Through this strategic partnership, the ITFC will be supporting the key sectors of the economy by availing vital foreign currency to support the global trade of Bangladeshi importers and exporters.

"This agreement will strengthen our existing bilateral relationship with ITFC and the other syndication partners," said Rashid.

"Our partnership with Prime Bank Limited marks a significant step towards supporting the growth of SMEs and facilitating the import of vital raw materials in Bangladesh," said Noordali.