City Bank has entered into an agreement with IFC to participate in the Global Trade Finance Program (GTFP) as a confirming bank, a release said Tuesday.
With this, City Bank has become the first bank in Bangladesh to participate in the program as a confirming bank.
Sheikh Mohammad Maroof, Additional Managing Director of City Bank, and Rosy Khanna, IFC Regional Industry Director, Financial Institutions Group – Asia and Pacific, signed this milestone agreement.
IFC launched the GTFP in 2005 to support the development of trade involving emerging economies. Under this program, IFC offers full or partial guarantees to the confirming banks participating in the GTFP, effectively taking on their payment risks.
City Bank joined the GTFP program in 2012 as an issuing bank. As a confirming bank under the program, City Bank can receive risk coverage from IFC to confirm LCs issued by other banks.
