Community Bank signs BB agreement to boost frozen food exports

Community Bank Bangladesh PLC has signed a participation agreement with Bangladesh Bank under a Tk 2,000 crore pre-financing fund to expand financing facilities for the country’s export-oriented frozen food industry.

The agreement aims to support the industry’s growth, increase production capacity and ensure easier access to financing for entrepreneurs.

The signing ceremony was organised by Bangladesh Bank’s Agricultural Credit Department-2 in Dhaka on November 2.

Bangladesh Bank Executive Director Arif Hossain Khan attended the event as the chief guest, while Director (ACD-2) AKM Saiduzzaman chaired the programme. Additional Director Muhammad Ansarul Kabir was also present.

Representing Community Bank Bangladesh PLC were Chief Operating Officer Shamsul Haque Sufiani and Assistant Vice President of the SME and Agriculture Department Sharif Hasan Mamun.

Under the pre-financing scheme, entrepreneurs in the export-oriented frozen food sector will have access to financing on easier and more affordable terms.

The initiative is expected to facilitate investment in frozen food processing, production and export activities while strengthening the industry’s competitiveness in international markets.

It is also expected to contribute to export earnings, sustainable industrial growth and employment generation by improving entrepreneurs’ access to finance.

Community Bank said it would support promising entrepreneurs in the frozen food sector through its participation in the initiative and contribute to increasing the country’s export earnings and overall economic development.