StanChart Provides First-Ever Sustainable Trade Finance Support In Bangladesh

As per the latest news, Standard Chartered Bangladesh has successfully initiated the country’s first feasible trade finance transaction regionally. In this regard, Square Textiles, a subsidiary of Square Group has been facilitated with the feasible trade finance backing by the bank, in providing yarn using sustainably sourced cotton to its local purchaser Echotex Ltd under a Letter of Credit transaction, as per a press release. Square Textiles Ltd is a producer of feasible yarn made from cotton that was sourced from feasible cotton manufacturers, who are also members of the Better Cotton Initiative (BCI), the biggest cotton feasibility program in the world. Echotex is an export-oriented clothing firm and a member of the BCI, manufacturing apparel from fabric made of feasible yarn and supplies to international buyers who are willing to supply goods produced under feasible standards. Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh explained in a press release, “Our vision is to turn into the most feasible and committed bank and the leading private sector catalyst for the viable development goals where it is essentially the most, across Asia, Africa, and the Middle East.”