Industry

US keen to strengthen agricultural trade with Bangladesh

US Deputy Chief of Mission JoAnne Wagner on Sunday announced an agricultural trade programme for Bangladesh to increase access to US agricultural products.

Bangladesh is already a top export market for US agriculture, and there's clear potential to expand our trading relationship even further, to the benefit of both of our countries. This program will help us do so, she said.

In cooperation with the Association of Bankers, Bangladesh (ABB), the US Department of Agriculture (USDA) hosted a seminar at the American Center on USDA's Export Credit Guarantee Programme.

Representatives from leading Bangladesh banks and top agricultural importers attended the seminar, said the US Embassy in Dhaka on Sunday.

The Export Credit Guarantee Programme provides credit guarantees to encourage financing to purchase US agricultural products in Bangladesh.

This programme offers $5 billion in credit guarantees worldwide each year to support commercial export sales of US agricultural goods to markets, like Bangladesh, that have sufficient financial strength.

Bangladesh is one of approximately 130 countries eligible for the credit guarantee programme.

After the seminar, US Embassy Agricultural Attache Tyler Babcock said, We hope multiple banks in Bangladesh will apply to enroll in the program.

This programme guarantees payments for purchases of US food and agricultural products by importers in Bangladesh.

Participating local banks can access US dollar financing for up to 12 months from US banks at potentially lower interest rates.

Source: United News of Bangladesh