Prime Bank, Flowco sign MoU on green financing

Prime Bank PLC has signed a memorandum of understanding (MoU) with Flowco Bangladesh Limited to introduce dedicated green financing facilities for petrol pump owners across Bangladesh.

M Nazeem A Choudhury, deputy managing director of Prime Bank PLC, and Towhid Iftakher Hussain, managing director of Flowco Bangladesh Limited, signed the MoU at the bank's corporate office in Dhaka recently, according to a press release.

Under the MoU, Prime Bank will provide tailored green financing solutions to eligible petrol station owners, enabling them to adopt advanced fuel tank cleaning, sludge removal and vapour emission reduction technologies without the burden of heavy upfront capital investment.

The initiative supports Bangladesh's national sustainability goals and environmental compliance requirements, promoting a transition towards cleaner energy practices in the downstream fuel retail sector.

By bridging the gap between high-end environmental technology and accessible financing, Prime Bank and Flowco Bangladesh aim to set a new standard for ecological responsibility within the country's energy infrastructure, the release added.

Mohammad Aminur Rahman, head of SME business (acting) of the bank; Shaikh Nur Alam, head of small business and refinance; and Maruf Alam, vice-chairman of Flowco Bangladesh Limited, along with other senior officials from both organisations, were also present.