City Bank recently arranged Euro 28.63 million in ECA-backed long-term financing to help Western Engineering Limited, a leading dredging solution provider, import 10 dredgers from Royal IHC, the Netherlands.
Under the arrangement, Dutch ECA Atradius Dutch State Business (Atradius) provided ECA cover to Commerz bank and AKA Ausfuhrkredit-Gesellschaft mbH (AKA) banks, based on which they extended a term loan of EUR 28.63 million to Western Engineering through City Bank said a press release.
This is the first ECA transaction by Atradius for a Bangladeshi enterprise arranged by a private commercial bank in Bangladesh.
The signing ceremony took place at the Royal IHC headquarters in Kinderdijk, the Netherlands.
Before the ceremony, a proud moment was witnessed when the National Flag of Bangladesh was hoisted in honour of our country.
On behalf of City Bank, Sheikh Mohammad Maroof, additional managing director and chief business officer, and Mahbub Jamil, head of Structured Finance, took part in the signing ceremony, while Klaas van Iersel, vice president, Export and Agency Finance, and Laurens van Keller, senior relationship manager, Corporate International Relationship Management, Commerzbank, signed the loan agreements from their respective institutions.
Stefan Rajmann, vice president, Export and Agency Finance of AKA Export Finance Bank, Robbert Zappeij, Director of Sales, Guido Fieret, Director of Corporate Finance, and Customer Finance Solutions, Kees Derks MSc, Area Sales Director of Royal IHC, Duuk Dudok van Heel, Senior Export Credit Specialist of Atradius, and M Nahid Hasan, PhD, managing director of Business Connection BV, were also present at the occasion.
