IFIC Bank PLC and Bangladesh Bank have signed an agreement for IFIC Bank’s participation in the Tk2,000 crore pre-financing fund established by Bangladesh Bank to facilitate financing for the export-oriented frozen food sector.
The agreement was signed on Sunday, November 1, at a ceremony held at Bangladesh Bank’s head office and presided over by AKM Sayduzzaman, director of Agricultural Credit Department-2, Bangladesh Bank.
Arief Hossain Khan, executive director of Bangladesh Bank, attended the ceremony as chief guest, while Helal Ahmed and Fariha Haider represented IFIC Bank.
The fund has been created to provide necessary financing facilities to enterprises engaged in the export-oriented frozen food sector.
The initiative aims to enhance production and export capacity, facilitate business expansion, and contribute to the country's overall economic development.
Participation in the pre-financing fund will further expand IFIC Bank's financing support for export growth and sustainable economic development in Bangladesh.
Why it matters
The new pre-financing fund provides crucial financial support to boost production and export capacity in Bangladesh's frozen food sector.