PHOTO: CITY BANK

STAR BUSINESS DESK

City Bank PLC recently signed an agreement with Water.org to launch a two-year partnership initiative aimed at expanding access to safe water and sanitation through innovative micro, small and medium enterprise (MSME) financing and community engagement.

Md Mahbubur Rahman, additional managing director and chief financial officer of City Bank PLC, and Sajid Amit, executive director for South Asia and country director of Water.org, signed the agreement at a hotel in Dhaka , according to a press release

Under the initiative, small and medium entrepreneurs in remote areas will be able to access loans at low interest rates on easy terms. City Bank PLC will provide Tk 200 crore in financing for MSMEs and microfinance institutions (MFIs) operating in the water, sanitation and hygiene (WASH) sector.

The initiative, titled “Shaping the Future of Safe Water”, in Bangladesh, was inaugurated by Forhad Hossain Azad, state minister for water resources, as the chief guest. He emphasised the importance of coordinated efforts to achieve the Sustainable Development Goals (SDGs).

He expressed concern that climate change and declining groundwater levels could lead to a severe safe water crisis in the near future, and highlighted various government initiatives to address the challenge.

Husne Ara Shikha, executive director of the SME and Special Programmes Department of Bangladesh Bank, was present as a special guest. She highlighted how the initiative aligns with sustainable financing policies and stressed the role of the banking sector in achieving SDG 6 (clean water and sanitation) and SDG 8 through inclusive and impact-based lending.

Sajid Amit, executive director for South Asia and country director of Water.org, and Md Mahbubur Rahman, additional managing director and chief financial officer of City Bank, pose for a photograph after signing the agreement at a hotel in Dhaka recently. Forhad Hossain Azad, state minister for water resources, was also present.