Citizens Bank partners with BB on export, green financing

Citizens Bank PLC has signed participation agreements with Bangladesh Bank under the central bank’s three refinancing schemes to promote export diversification and support sustainable and environmentally responsible industrial development.

The schemes are the Tk 3,000 crore Refinancing Scheme to Support Export Diversification, the Tk 1,000 crore Refinancing Scheme to Support the Establishment of Green Industry and Green Factory Buildings, and the Tk 1,000 crore Refinancing Scheme to Support the Development of the ICT Sector.

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Alamgir Hossain, managing director of Citizens Bank PLC, and AKM Nurunnabi, director of the Sustainable Finance Department of Bangladesh Bank, signed the agreement at the central bank’s headquarters in Dhaka recently, according to a press release.

The three participation agreements establish a framework enabling Citizens Bank PLC to access Bangladesh Bank’s refinancing facilities and provide affordable, targeted financing to eligible enterprises in priority and emerging sectors of the economy.

The agreements are expected to promote export diversification, support sustainable and environmentally responsible industrial development, encourage the establishment of green factories, and contribute to the continued growth of Bangladesh’s ICT sector.

Other senior officials from both institutions also attended the signing ceremony.