BANGLADESH: RECOGNITION FOR “GREEN CHAMPIONS”

City Bank first started green financing from 2012 and has since been promoting the concept of energy efficient financing and renewable energy financing in the Bangladeshi market. As of now, the Bank has provided green loans amounting to some USD 44 m, invested in various sectors like ready-made garments and textiles, pharmaceuticals, auto rice mills, auto bricks, renewable energy and agriculture.

Capitalizing on these green loans, customers have been able to save a significant amount of energy in their businesses. Leveraging the bank’s experience, City Bank actively advises customers regarding available and appropriate technologies, thereby enabling them to reduce operational costs through increased energy efficiency.

The “Green Champion Recognition Ceremony”, the first of its kind, served two distinct purposes, according to Antoine Prédour, Head of GCPF at the Fund’s investment manager responsAbility Investments. He underlined: “City Bank and GCPF have organized this event not only to recognize the individual contributions of its customers, but also to create awareness and enthusiasm into the industry about greener ways to do business and realize how small initiatives can do bigger benefits for the environment.”

Held at City Bank’s head office, the event brought together clients such as ready-made garment and textile manufacturers; leading bank representatives including Managing Director and CEO Sohail R. K. Hussain, Rathin Kumar Paul, Deputy General Manager, Sustainable Finance Department and Sheikh Mohammad Maroof, DMD & Head of Wholesale Banking; and, representing GCPF, Antoine Prédour, Head of GCPF at the Fund’s investment manager responsAbility Investments, as well as Sathish Dhanapal, Energy Specialist – GCPF.

A total of 16 manufacturing clients, primarily from the agri-industry, ready-to-wear and textile sectors, were awarded “Green Champion” status for having reduced their total yearly CO₂ emissions by 27,000 tonnes.

Speaking on behalf of City Bank, Managing Director and CEO Sohail R. K. Hussain declared: “Green loans, while increasing the sustainability of customers’ businesses, have also contributed to the quality of the bank’s loan portfolio while helping City Bank Bangladesh establish a reputation as the leading ‘green financier’ in the market.”

In his welcome speech which inaugurated the ceremony, R. K. Hussain underlined: “City Bank is highly committed towards environment friendly lending and we will continue to appreciate such green initiatives of our customers. We intend to specialize in green related solutions and I can confirm this is only the beginning.”