AB Bank Ltd., country’s leading Financial Institution signed agreements for Short-Term Financing(STF) facility and Global Trade Finance Program(GTFP) with International Finance Corporation(IFC). IFC, a member of the World Bank Group, is the largest global development institution focusing exclusively on the private sector financing needs in developing countries. Established in 1956, IFC is owned by 184 member countries, a group that collectively determines their policies.
The agreements were signed in presence of Mr. M Wahidul Haque, Chairman of AB Bank Limited, Mr. M. Fazlur Rahman, President & Managing Director, AB Bank Limited and Mr. Kyle F. Kelhofer, Country Manager, International Finance Corporation(IFC) along with other Senior Executives of both the organizations paving the way for AB Bank Limited to avail Short-Term Finance(STF) facility of US$35.00 Million for its Off-Shore Banking Unit(OBU) operations and US$45.00 Million under Global Trade Finance Program(GTFP) for the Bank (totaling US$80.00 Million). The above agreements will have a significant contribution towards better Trade Financing ability of Bangladesh and thereby help speedy development.