A high level delegation of Norwegian Investment Fund for Developing Countries (Norfund) visited City Bank Ltd head office in capital's Gulshan-2 on Sunday.
The visit was made following the aid agency's loan agreement of US$10 million with City Bank in last December to support trade and project financing requirements of the clients of the bank.
City Bank arranged a press brief to this connection on the day at its head office where Norwegian ambassador in Bangladesh Sidsel Bleken, City Bank managing director and chief executive officer Sohail RK Hussain, Norfund chairperson Kristin Clemet and its managing director Kjell Roland spoke.
Founded in 1997, Norfund is owned and funded by the Norwegian Government to offer equity, loans and SME funds in clean energy, financial institutions and food and agribusiness sectors based on developing countries.
Terming the visit of the Norfund delegation very important, Mr Hussain said, "We hope to brief Norfund about Bangladesh's economic and investment potential and how Norfund and City Bank can work together on different projects."
Mentioning that Bangladesh is a high priority country for Norfund, he said expanded participation from them will definitely pave the way for further private and public investment in the country.
He also said the tenure of the loan is three years and it will aim the SMEs, readymade garments sector and green projects.
Speaking at the programme, Norwegian ambassador said the Norfund investment will strengthen the bilateral ties between the two countries while Norway and Bangladesh have been partners since 1972 right after the independence.
Bangladesh has a young population which is an asset, on the same, a challenge too, she said adding job creation is so necessary for the people who enter the labour market.
Ms Bleken, however, emphasised on women participation in labour market and their access to finance to establish enterprises.
Referring Bangladesh a prioritised country for Norfund, the agency's chairperson said Norfund invests to promote economic growth, employment generation and poverty reduction by focusing and supporting access to finance and clean energy for micro, medium and small enterprises.
She said, "We have learned that in Bangladesh exports of textiles and garments are the principal source of foreign exchange earnings while the readymade garments is the largest sector exporter of city bank."
Norfund aims to contribute to strengthening local export and import companies as well as banks through the investment in city bank, Ms Clemet added.
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