EBL to get $40m from German, Dutch lenders
Eastern Bank Ltd (EBL) has recently signed a term loan agreement for $40 million with German Investment Corporation - DEG and Netherlands Development Finance Company - FMO.
DEG-FMO will fund EBL in forex to supply financing to corporate, green businesses and SME customers at competitive pricing, the bank said in a statement.
The funds will be routed through EBL's offshore banking. EBL as a leading bank in Bangladesh remains funding infrastructural, sustainable and environment targeted projects nationwide through strong support from major development finance (DFI) partners, incorporating DEG and FMO.
"This is yet another major milestone for all your parties affiliated found in this deal. It displays the lengthy standing partnership EBL provides nurtured with DEG and FMO," explained Ali Reza Iftekhar, managing director and CEO of EBL.
"Through this agreement, we are able to make certain channelling the funds to the virtually all required sectors found in Bangladesh. We look forward to closely dealing with DEG and FMO in the coming days to contribute meaningfully in Bangladesh's journey to another stage."
The EBL CEO spoke after signing the agreement with Petra Kotte, senior director for finance institutions and German business at DEG, and Huib-Jan de Ruijter, member of FMO's executive committee and director for finance institutions.
EBL organised the offer signing ceremony through a good virtual platform on July 16.
"With this commitment all of us are helping an effective local industrial bank to transport on its lending business intended for small and medium enterprises even in today's situation," said Kotte.
"We happen to be glad to support an integral partner in Bangladesh such as for example Eastern Bank to help expand promote the SME and green segment particularly of these times of raised operational challenges posed by Covid-19," stated Ruijter.
Ahmed Shaheen, EBL's deputy managing director and head of corporate banking; Md Obaidul Islam, head of international organization; Jeroen Kingma, DEG's senior investment manager financial institutions Europe and Asia; Adina Ghilerdea, FMO's senior portfolio analyst, and Evangelos Alamaniotis, investment officer, likewise had taken part in the event.
