Prime Bank, OPEC Fund sign deal to support SMEs, agri businesses

Prime Bank recently announced the successful signing of a $30 million term loan agreement with the OPEC Fund for International Development, a prestigious international development finance institution, according to a press release.
This strategic collaboration is designed to significantly boost Prime Bank's capacity to support the critical trade finance requirements of small and medium enterprises, agriculture, and corporate sectors in the country.
The facility, structured as a term loan, will be provided to Prime Bank's offshore banking unit by the OPEC Fund for an initial tenure of one year, with a key provision for extension up to three years.
This financing is poised to reinforce Prime Bank's trade finance portfolio, providing much-needed stability and support to Bangladeshi businesses navigating complex global economic headwinds.
At the signing ceremony were Chief Executive Officer of Prime Bank Faisal Rahman and Dr Abdulhamid Alkhalifa, president of the OPEC Fund.
In a statement regarding the partnership, the OPEC Fund president said, "MSMEs and agribusinesses play a vital role in jobs, food security and economic resilience in Bangladesh, yet many still struggle to access trade finance.
"Our partnership with Prime Bank will help unlock new opportunities, diversify exports and strengthen the country's private sector. This loan builds on our long-standing collaboration and reflects our commitment to inclusive, sustainable growth."
Mr Rahman, CEO of Prime Bank, said, "The three-year expandable term loan facility will meaningfully enhance our capacity to support the trade financing needs of our valued clients. "This collaboration comes at a critical time when businesses are navigating uncertainties in the global economic landscape."