EBL has recently signed a term loan agreement for USD 40 Million with German Investment Corporation - DEG and Netherlands Development Finance Company - FMO.
Mr. Ali Reza Iftekhar, Managing Director & CEO of EBL signed the agreement with Ms. Petra Kotte, DEG Senior Director of FI & German Business and Mr. Huib-Jan de Ruijter, Member of FMO’s Executive Committee and Director FI.
Deputy Managing Director and Head of Corporate Banking Ahmed Shaheen and Head of International Business Md. Obaidul Islam of EBL; Senior Investment Manager Financial Institutions Europe & Asia Mr. Jeroen Kingma of DEG and Senior Portfolio Analyst Ms. Adina Ghilerdea and Investment Officer Mr. Evangelos Alamaniotis of FMO joined the program with senior executives from both the sides.
DEG-FMO will fund EBL in foreign currency to provide financing to corporate, green businesses and SME customers at competitive pricing. The funds will be routed through EBL’s Offshore Banking. EBL as a leading bank in Bangladesh, continues funding infrastructural, sustainable and environment focused projects nationwide through strong support from major DFI partners including DEG & FMO. Strong monitoring, quality customer base and foreign DFI partners have made EBL one of the most valued brands in the banking industry.
Mr. Ali Reza Iftekhar MD & CEO of EBL states “This is yet another major milestone for all the parties affiliated in this deal. It reflects the long standing partnership EBL has nurtured with DEG and FMO. Through this agreement, we can ensure channeling the funds to the most required sectors in Bangladesh. We look forward to closely work with DEG & FMO in the coming days to contribute meaningfully in Bangladesh’s journey to next stage.”
Ms. Petra Kotte, DEG Senior Director of FI & German Business states “With this commitment we are helping a successful local commercial bank to carry on its lending business for small and medium enterprises even in the current situation. At the same time we are supporting trade between Germany and Bangladesh.”
Mr. Huib-Jan de Ruijter, member of the Executive Committee and Director FI at FMO said: “We are glad to support a key partner in Bangladesh such as Eastern Bank to further promote the SME and Green segment particularly during these times of increased operational challenges posed by Covid-19.”
The DFI relationships of EBL and such long term funding support helps boosting the business, customer support and thereby contribute to the financial system and economy of the country.