Norfund works with City Bank for sustainable business

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A high level delegation of Norfund - the Norwegian Investment Fund for Developing Countries - recently visited the City Bank head office in Dhaka.

The delegation held discussions with high officials of the bank. They also met with the the media. Norwegian Ambassador in Bangladesh Sidsel Bleken, City Bank MD and CEO Sohail RK Hussain, Chairperson of Norfund Kristin Clemet and Managing Director Kjell Roland briefed the media how the two organisations could work together in building sustainable businesses. Norfund highlighted their recent partnership with City Bank. They said that they had 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 the bank’s clients. Both parties consider this agreement as the beginning of a long-term partnership and vowed to work together to provide more access to finance to promote 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 and agribusiness sectors.