City Bank recently signed a $30 million loan agreement with the OPEC Fund for International Development to support global trade by providing financing to importers and exporters in Bangladesh, especially in the agriculture and green energy sectors.

Tareq Alnassar, vice-president of the OPEC Fund, and Sheikh Mohammad Maroof, additional managing director and chief business officer of the bank, penned the deal at the Fund's headquarters in Vienna, said a press release.

Alnassar said, "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."

Maroof said, "We are delighted to enter this strategic partnership. This collaboration signifies a major milestone in our commitment to support the economic growth and development of Bangladesh."

"By leveraging the trade finance facilities, we will be able to enhance the capabilities of our import and export-based companies. We look forward to working closely with the OPEC Fund to achieve these goals."

The OPEC Fund is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively, the press release said.

Since its inception in 1976, the 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.