United Commercial Bank strikes deal with Bangladesh Bank

United Commercial Bank PLC has signed an agreement with Bangladesh Bank, as the implementing agency of the Long-Term Financing Facility (BB-LTFF) programme.

Liza Fahmida, director of the financial sector support and strategic planning department of the BB, and Arif Quadri, managing director and CEO of UCB, inked the deal at the central bank's headquarters in Motijheel on Tuesday, said a press release.

Under the programme, UCB as a participating financial institution will provide long-term foreign currency financing (USD) to export-oriented industries.

The industries may get this financing facility through the Banks for the Purchase of Capital machinery, equipment, construction, refurbishment, and relocation of Industries to EPZs, EZs, and the purchase of ocean-going Vessels.

BB-LTFF is a refinance scheme in USD, where Bangladesh Bank extends the facilities to the Bank at a reduced rate of interest to facilitate the ultimate Borrower.

Nurun Nahar, deputy governor of the BB, and Md Abul Bashar, executive director, Saiful A Chowdhury, Executive Vice-President, RMG business division of UCB were present.

A total of 18 banks, including UCB, signed the agreement.