AIIB, NDB jointly lend $75m to City Bank PLC
Business Desk :
Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB), two global multilateral development banks, have jointly signed an agreement with City Bank PLC to provide a total USD75 million long-term financing.
Under the arrangement, AIIB will extend a USD 50 million and a USD 25 million loan by NDB, according to a press release.
This financing will provide long-term funding to private sector projects, with a strong focus on renewable energy and sustainable infrastructure.
The facility aims to narrow Bangladesh’s infrastructure financing gap and support investments in energy, energy efficiency, e-mobility, and digital infrastructure.
The agreement was signed by Mashrur Arefin, Managing Director & CEO of City Bank PLC; Gregory Liu, Director General, Financial Institutions and Funds Clients, Global at AIIB; Roman Serov, Vice President & COO; and Bin Hun, Director General at NDB. At the event, Mesbaul Asif Siddiqui, DMD and Head of Wholesale Banking of City Bank were present.
This initiative marks AIIB’s first on-lending facility to any private bank or organisation in Bangladesh without any sovereign guarantee.
The loan to City Bank, a leading private commercial bank in Bangladesh, will help bridge the country’s infrastructure financing gap by mobilising private sector capital, enabling longer-term infrastructure loans, and supporting projects across key sectors.
Mashrur Arefin, Managing Director & CEO, mentioned that “this long-term financing partnership with AIIB and NDB not only demonstrates their confidence in City Bank but also will contribute to empowering us to accelerate investments in renewable energy and infrastructure projects, the critical areas for the country’s sustainable development goals.”
This credit facility underscores AIIB’s and NDB’s ongoing efforts to build resilient and sustainable infrastructure ecosystems across its member economies through partnerships with the number one-ranked sustainable bank of Bangladesh.