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The Financial Express

USDA enlists Prime Bank as approved foreign FI for import of agri commodities


USDA enlists Prime Bank as approved foreign FI for import of agri commodities

The Commodity Credit Corporation (CCC) of the United Stated has approved Prime Bank to participate in Export Credit Guarantee Program (GSM-102) of United States Department of Agriculture (USDA) for smooth import of agricultural commodities.

Prime Bank is one of the first two banks in Bangladesh which have been approved as GSM-102 Approved Foreign Financial Institutions – Asia Region.

As an Approved Foreign Financial Institution, Prime Bank would be able to support its valued customers for import of US food and agricultural commodities like cotton, soybeans, grains, cereals, woods, nuts, fruits etc. under the guarantee coverage of GSM-102 Export Credit Guarantee Program administered by USDA.

This new capability of Prime Bank would help to facilitate our trade with the United States being a major Trade Financing bank in the country and does have value proposition for the businesses having major supply chain in the US agricultural sector for their necessary inputs in textiles, foods, edibles and allied industries in the country.

Commenting on the occasion, Prime Bank’s Managing Director and CEO Rahel Ahmed said, “This is reward for Prime Bank for long track record of conducting international business with transparency and accountability. This will help us to support our clients engaged in international commodity import business better. It will further boost our international trade portfolio. This recognition from the United States Governemnt will inspire us to achieve new milestone in international trade.”

 -rmc/

 

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