Standard Chartered has extended a US$60mn facility to Bangladesh’s Agrani Bank, in support of its trade finance activities.

Coming from StanChart’s London office, the facility is the first foreign currency loan extended by the bank to a state-owned bank in Bangladesh, and aims to support the country’s growth in trade finance.

Khondoker Bazlul Hoque, Chairman of Agrani Bank, says: “This has opened a new avenue where we are being able to bring foreign currency to Bangladesh to support the growing financial sector in the country.”

Jim McCabe, StanChart’s Bangladesh CEO, adds “We hope to give more support to Bangladesh’s banking sector considering the growth potential. This has been a strong testimony of Standard Chartered’s commitment to Bangladesh’s market and reiterates that we are ‘here for good’ in Bangladesh.”