According to the bank website, FMO intends to provide a trade finance facility to City Bank Limited (CBL) in cooperation with Asian Development Bank (ADB) to support and promote the increasing trade finance activities of the Bank.
CBL has been classified as FI-A by the bank due to exposure of 18% in potentially high-risk sectors (RMG and textile). The bank states that CBL has functioning Environmental and Social Management Systems (ESMS) and is working on an upgrade of its ESMS with long term support from FMO and IFC.
CBL has been participating in the Asian Development Bank (ADB) Trade Finance Program since 2015. FMO intends to provide a USD 10mln trade finance facility to CBL in cooperation with ADB.
The City Bank Limited (CBL) is a mid-sized private commercial bank incorporated in 1983, being one of the oldest in Bangladesh. It offers a variety of products, with a strong focus on corporate, but offering a wide array of services including SME’s financing, infrastructure financing, retail and agriculture lending and trade financing.
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism