Royal IHC to deliver 10 dredgers to Western Engineering

City Bank has arranged an ECA (Export Credit Agency) backed long term financing of EUR 28.63 million to facilitate Western Engineering Limited, a local leading dredging solution provider, importing 10 dredgers from Royal IHC, Netherlands.

Under the arrangement, Dutch ECA Atradius Dutch State Business (Atradius) provided ECA cover to Commerzbank and AKA Ausfuhrkredit-Gesellschaft mbH (AKA) bank, based on which they have extended a term loan of EUR 28.63 million to Western Engineering through City Bank.

This is the first ECA transaction of Atradius for a Bangladeshi enterprise arranged by a private commercial bank in Bangladesh.

The signing ceremony took place at the Royal IHC Headquarter in Kinderdijk, Netherlands. On behalf of City Bank, Sheikh Mohammad Maroof, Additional Managing Director and Chief Business Officer and Mahbub Jamil, Head of Structured Finance took part in the ceremony while Klaas van Iersel, Vice President, Export and Agency Finance and Laurens van Keller, Senior Relationship Manager, Corporates International Relationship Management, Commerzbank signed the loan agreements from their respective institutions.

Stefan Rajmann, Vice President, Export & Agency Finance of AKA Export Finance Bank, Robbert Zappeij, Director Sales, Guido Fieret, Director Corporate Finance & Customer Finance Slutions, Kees Derks MSc, Area Sales Director of Royal IHC, Duuk Dudok van Heel, Senior Export Credit Specialist of Atradius and M Nahid Hasan, PhD, Managing Director of Business Connection BV were also present at the occasion.