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US launches agro trade programme for BD

February 03, 2020 00:00:00

The USA has announced an agricultural trade programme for Bangladesh to increase access to American agricultural products for the local importers, reports BSS.

US Deputy Chief of Mission to Bangladesh JoAnne Wagner announced the scheme named 'USDA's Export Credit Guarantee Programme' at a seminar at the American Center in the city on Sunday, said a press release.

The US Department of Agriculture (USDA) in cooperation with the Association of Bankers, Bangladesh (ABB) hosted the seminar.

"Bangladesh is already a top export market for US agriculture, and there is clear potential to expand our trading relationship even further, to the benefit of both of our countries," Wagner said.

The Export Credit Guarantee Programme provides credit guarantees to encourage financing to purchase US agricultural products in Bangladesh.

This programme offers $ 5.0 billion in credit guarantees worldwide each year to support commercial export sales of US agricultural goods to markets, like Bangladesh, that have sufficient financial strength.

Bangladesh is one of approximately 130 countries eligible for the credit guarantee programme.

Representatives from leading Bangladesh banks and top agricultural importers attended the seminar.

After the seminar US Embassy Agricultural Attach, Tyler Babcock hoped that multiple banks in Bangladesh will apply to enroll in the programme. This programme guarantees payments for purchases of the USA food and agricultural products by importers in Bangladesh.

Participating local banks can access US dollar financing for up to 12 months from US banks at potentially lower interest rates.

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