City Bank gets $30m from OPEC Fund

City Bank recently signed an agreement with the OPEC Fund for International Development for a loan of $30 million 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 for International Development, 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.

"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," said Alnassar.

"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," he 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," said Maroof.

"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," he said.

The OPEC Fund for International Development is the only globally mandated multilateral development finance institution that provides financing from member countries to non-member countries exclusively, added the press release.

Since its inception in 1976, the organisation has been working in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low and middle-income countries.