Eastern Bank to get $4Om funding from DEG, FMO
The Eastern Bank Limited (EBL) recently signed a term loan agreement worth $40 million with German Investment Corporation – DEG and the Netherlands based development finance company – FMO.
Ali Reza Iftekhar, managing director and chief executive officer of Eastern Bank signed the agreement with Petra Kotte, DEG senior director and Huib-Jan de Ruijter, member of FMO's executive committee.
Ahmed Shaheen, EBL's deputy managing director and head of corporate banking, and Md Obaidul Islam, its head of international business, also joined the agreement signing event, said a media release on Sunday.
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Under this agreement, the DEG and FMO will fund the Eastern Bank in foreign currency to provide financing for corporate, green businesses and SME customers at competitive pricing.
The funds will be routed through EBL's offshore banking.
Ali Reza Iftekhar said, "This is yet another major milestone for all the parties affiliated with this deal. It reflects the long standing partnership the 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 and FMO in the coming days to contribute meaningfully in Bangladesh's journey to next stage," he added.
