Eastern Bank Limited (EBL) has signed a participation agreement with Bangladesh Bank to become a PFI for a revolving refinance fund amounting BDT 1,000 Crore for technological development and up-gradation of export-oriented industry. Eastern Bank Limited along with other banks and NBFIs attended the signing ceremony of this initiative to develop the export oriented Bangladeshi clients.
Ali Reza Iftekhar, Managing Director & CEO of EBL and Khondkar Morshed Millat, General Manager of Sustainable Finance Department signed the agreement on behalf of their respective organizations. From Bangladesh Bank Ahmed Jamal, Deputy Governor, Md. Shahidul Islam, Exucutive Director and Abu Raihan, Deputy Director; EBL’s Deputy Managing Director and Head of Corporate Banking Ahmed Shaheen and Head of OBU & Banks Fazlul Qader joined the signing ceremony from both the sides. Top executives from other banks and non-bank financial institutions were also present in the signing ceremony.
This facility will aid EBL customers in modernization and up gradation of industrial machinery and technology. This fund will support export-oriented industries to improve their skillset, preparing them to enjoy competitive advantage in international arena. The revolving refinance fund is formed with the Bangladesh Bank’s own source. The fund will be channeled by EBL to its customers at competitive pricing for development and up-gradation of capital machinery and technology, energy efficient machinery or technology, business process reengineering or automation-related machinery or technology, operations management-related machinery or technology, waste management machinery or technology, air management machinery or technology, heat management machinery or technology, workplace management machinery or technology, water management machinery or technology, human resource development and management-related upgraded technology and account, sales and marketing management automation machinery or technology up-gradation.
Ali Reza Iftekhar states, “Such funds from Bangladesh Bank will contribute in expansion of technological expertise and process automation of export oriented factories. This initiative of Bangladesh Bank with other local banks and NBFIs will significantly contribute to enhancement of Bangladesh’s per capita export earnings and GDP.”