Bank Asia inks deal with BB on Green Fund

Bank Asia and Bangladesh Bank agreed to facilitate fund for a long-term financing under the ‘Green Transformation Fund for Export oriented Textile and Textile Products and Leather Manufacturing Industries’.

An agreement to this effect has been signed between the two organizations at a function held at Bangladesh Bank, Head Office in Motijheel, Dhaka on 9 February, 2017. In present of Mr Mr. SK Press photoSur Chowdhury, Deputy Governor of Bangladesh Bank, Mr. Md. Arfan Ali, President & Managing Director of Bank Asia and Mr. Manoj Kumar Biswas, General Manager of Sustainable Finance Department, Bangladesh Bank signed the agreement on behalf of respective sides. Mr. Shafiuzzaman, SEVP & Head of Corporate & Large Loans and Md. Zia Arfin, EVP & Head of International Division were present.

Under the agreement the loan from the GTF will be offered in US Dollars (USD) and provided to Authorized Dealers (ADs) for refinancing to eligible borrowers. GTF is intended to facilitate access to financing in foreign exchange by all manufacturer exporters in export oriented textile & textile products and leather manufacturing industries to import capital machinery and accessories for implementing various green/environment friendly initiatives.

AD Banks may participate in the fund provided that they fulfill the eligibility criteria for borrowing and maintain the required standard level of operation for continuation during the tenor. Sustainable Finance Department (SFD) of Bangladesh Bank will issue a detailed Guidelines Note for the use and management of this fund & till the issuance of the Guidelines Note, the decision regarding the transformation will be made by SFD.