The United States (US) Commodity Credit Corporation (CCC) has approved Prime Bank to participate in Export Credit Guarantee Programme (GSM-102) of the country's Department of Agriculture for smooth import of agricultural commodities, reads a press release.
Prime Bank is one of the first two banks in Bangladesh to have been enlisted as GSM-102-approved Foreign Financial Institutions from the Asia region.
As an approved foreign financial institution, Prime Bank would be able to support its customers to import food and agricultural commodities from the US like cotton, soybeans, grains, cereals, woods, nuts, fruits, among others under the guarantee coverage of GSM-102 Export Credit Guarantee Programme, it adds.
"This new capability of Prime Bank would help to facilitate our trade with the US being a major trade financing bank in the country. It also will have value proposition for the businesses having major supply chain in the US agricultural sector for their necessary inputs in textiles, foods, edibles and allied industries in the country," it reads.
Commenting on the occasion, Prime Bank's Managing Director and CEO Rahel Ahmed said, "This is a reward for Prime Bank for a long track record of conducting international business with transparency and accountability. This will help us support our clients engaged in international commodity import business better."
He also said, "It will further boost our international trade portfolio. This recognition from the United States government will inspire us to achieve a new milestone in international trade."