City Bank PLC has signed a Memorandum of Understanding (MoU) with the United Nations Development Program to accelerate climate finance in Bangladesh, with a strategic focus on developing the country’s emerging green and thematic bond market.
The MoU was signed by Mashrur Arefin, managing director & CEO of City Bank, and Stefan Liller, resident representative of UNDP Bangladesh, at a ceremony held at City Bank’s head office in Dhaka.
Under this partnership, City Bank aims to play a pioneering role in issuing one of the first green bonds by a commercial bank in Bangladesh.
The initiative will support financing of eligible green projects, including climate adaptation and mitigation efforts, contributing to a more resilient and sustainable economy.
As part of the partnership, UNDP will provide technical assistance to support City Bank in the pre-issuance phase of the green bond.
In addition, they will also help develop a robust green bond framework aligned with international standards, covering impact measurement, reporting, governance of proceeds, and overall structuring to ensure transparency, credibility, and investor confidence.
Speaking on the occasion, Mashrur Arefin said: “City Bank is currently working on issuance of a green bond. Our partnership with UNDP will help unlock new avenues for sustainable financing and accelerate the growth of Bangladesh’s green bond market.”
Stefan Liller added: “Unlocking new sources of climate finance is critical for Bangladesh. This collaboration represents an important step towards connecting global sustainable finance mechanisms with local opportunities and needs.”
The partnership is expected to set benchmarks for future thematic bond issuances and encourage greater participation from the private sector in sustainable finance.
As a leading private commercial bank, City Bank PLC remains committed to advancing sustainable finance and supporting Bangladesh’s climate priorities.
This partnership with UNDP reinforces its focus on strengthening ESG practices and shaping a more sustainable financial ecosystem.