Prime Bank has become the first bank in Bangladesh to issue a letter of credit under the export credit guarantee programme of the United States Department of Agriculture.
In 2020, the Commodity Credit Corporation of the United States enlisted Prime Bank as an approved foreign financial institution from Asia under GSM-102 for smooth import of agricultural commodities from the US.
Prime Bank has recently transmitted the first LC under the programme on account of Square Textiles Limited for import of raw cotton from the United States.
Prime Bank would be able to support its valued customers for import of US food and agricultural commodities like cotton, soya beans, grains, cereals, woods, nuts and fruits under the export credit guarantee programme administered by the USDA.
The bank’s new service would help to facilitate the country’s trade with the United States as a major trade financing bank in the country and offer value proposition for businesses having major supply chains in the US agricultural sector for their necessary inputs in textiles, food, edibles and allied industries in the country.
Commenting on the issue, acting Prime Bank managing director and CEO Faisal Rahman said, ‘The USDA has enlisted Prime Bank for long-track record of conducting international business with compliance, transparency and accountability. This will help us support our clients in agricultural commodity import better and also will boost our international trade portfolio.’