US Deputy Chief of Mission Jo Anne Wagner announced on Sunday an agricultural trade programme for Bangladesh to increase access to US agricultural products.
“Bangladesh is already a top export market for US agriculture, and there is clear potential to expand our trading relationship even further, to the benefit of both of our countries. This programme will help us do so,” she mentioned.
She made the discloser at an event hosted by the US Department of Agriculture (USDA) at the American Center on USDA’s Export Credit Guarantee Program in cooperation with the Association of Bankers, Bangladesh (ABB).
Representatives from leading Bangladesh banks and top agricultural importers attended the seminar.
The Export Credit Guarantee Program provides credit guarantees to encourage financing to purchase US agricultural products in Bangladesh.
This programme offers $5 billion in credit guarantees worldwide each year to support commercial export sales of US agricultural goods to markets, like Bangladesh, that have “sufficient financial strength.”
Bangladesh is one of approximately 130 countries eligible for the credit guarantee programme.
After the seminar US Embassy Agricultural Attaché Tyler Babcock said, “We hope multiple banks in Bangladesh will apply to enrol in the programme.”
This programme guarantees payments for purchases of US food and agricultural products by importers in Bangladesh.
Participating local banks can access US dollar financing for up to 12 months from US banks at potentially lower interest rate.
