City Bank in €28.63m dredger loan arrangement

Commerzbank and German bank AKA Ausfuhrkredit-Gesellschaft mbH have extended a term loan of €28.63 million to local dredging solutions provider Western Engineering through City Bank under the coverage of export credit agency Atradius Dutch State Business.

Western Engineering will use the finance to import 10 dredgers from Royal IHC of the Netherlands.

City Bank signed a multi-party agreement at the Dutch company's headquarters in Kinderdijk, the Netherlands, a press release  said.

Sheikh Mohammad Maroof, additional managing director of City Bank, Mahbub Jamil, head of structured finance, Klaas van Iersel, vice-president for export and agency finance, and Laurens van Keller, senior relationship manager for corporates international relationship management at Commerzbank, signed the agreement.

Stefan Rajmann, vice-president of export & agency finance at the AKA, Robbert Zappeij, director of sales, Guido Fieret, director for Corporate Finance and Customer Finance Solutions, Kees Derks, area sales director of Royal IHC, Duuk Dudok van Heel, senior export credit specialist of the Atradius, and M Nahid Hasan, managing director of Business Connection BV, were also present.