Business Report :United Commercial Bank Limited (UCB) and United States Agency for International Development (USAID) signed Development Credit Authority (DCA) partial loan guarantee agreements at the US Embassy in the city recently.Muhammed Ali, Managing Director of UCB and Janina Jaruzelski, Mission Director, USAID and M Rabin, Vice President & Managing Director of Alliance for Bangladesh Worker Safety signed the agreements on behalf of their respective institutions.Under the agreements USAID will initially provide a guarantee of USD 5 million against loans made by UCB for a total sum of USD 10 million for RMG factories supplying to members of the Alliance, Accord, and factories participating in the GOB’s National Tripartite Action Plan. Loans will be for safety improvements identified in the Corrective Action Plans. The loans can be issued in USD or BDT and will have a tenor of up to 5 years. M Shahidul Islam, Additional Managing Director, Md Sohrab Mustafa, Deputy Managing Director and Mumtaz Ahmed, Vice President from UCB and Paul Sabatine, Deputy Mission Director, Ms Amber B Brooks, Democracy and Governance Office Director, Peter Gauthier, Investment Officer, Thomas Kress, Program Office Director, Ms Alexis Taylor-Granados, Regional Legal Officer of USAID were present among others on the occasion.
