Shakti Foundation, a leading microfinance institution in Bangladesh, has mandated Eastern Bank PLC to arrange BDT 300 crore (with an option to increase up to BDT500 crore). The loan facility is to be used to support Shakti Foundation's microfinance programs comprising micro-enterprise loans, micro-credit, and agricultural loans for disadvantaged women in the country, especially in urban areas.
The deal closing ceremony was held on 23 October at the Sheraton Dhaka in the city. The ceremony was attended by Md. Fashiullah, Executive Vice Chairman, Microcredit Regulatory Authority (MRA), Humaira Islam, PhD- Founder and Executive Director, Shakti Foundation and representatives from participating banks and non-banking financial institutions among others.
Expressing his thanks and gratitude to all participants for their sincere support in the timely closing of the deal, Ali Reza Iftekhar, Managing Director and CEO of EBL said," This syndicated loan is another testament to our business commitment in promoting the social development of the country particularly of the marginalized people. The present deal will help Shakti Foundation in their efforts to improve the socio-economic conditions of disadvantaged womenfolk in the country, I believe."
The participating financial institutions are Bangladesh Development Bank Limited (BDBL), Dutch-Bangla Bank Limited, Jamuna Bank PLC, Midland Bank Limited, One Bank Limited, Pubali Bank Limited, SABINCO, South- Bangla Agriculture and Commerce Bank Limited, and Eastern Bank PLC.
Caption: Md. Fashiullah, Executive Vice Chairman, Microcredit Regulatory Authority (MRA), Humaira Islam, PhD-Founder and Executive Director, Shakti Foundation and representatives from participating banks and non-banking financial institutions at the deal closing ceremony of BDT 300 crore (with an option to increase up to BDT 500 crore) syndicated term loan facility for Shakti Foundation held at Sheraton Dhaka on 23 October. Eastern Bank is the lead arranger of the loan.