Norfund delegation visits City Bank and discusses future ties
A high level delegation including board and senior management of Norfund – the Norwegian Investment Fund for Developing Countries has recently visited City Bank head office in Dhaka.
The delegation met the high officials of the bank and members of the press where Sidsel Bleken, Norwegian Ambassador in Bangladesh, Sohail R K Hussain, MD & CEO, City Bank, Kristin Clemet, Chairperson and Kjell Roland, Managing Director of Norfund briefed how the two organizations can work together in building sustainable businesses. Norfund reemphasized their recent partnership with City Bank and also gained understanding on the macroeconomic environment of Bangladesh.
In December Norfund signed a USD 10 Million loan agreement with City Bank to support the trade and project financing requirements of bank's clients. Both parties consider this agreement as the beginning of a long-term partnership and vowed work together to provide more access to finance for promoting local SMEs.
Norfund, a member of the Association of European Development Finance Institutions (EDFI) facilitates economic growth and poverty reduction by investing risk capital in profitable businesses in developing countries. It is an active strategic investor founded in 1997, wholly owned and funded by the Norwegian Government. They offer equity, loans and SME funds in clean energy, financial institutions and food & agribusiness sectors.