EBL to get $40m loans from German, Dutch financiers

Eastern Bank Ltd (EBL) recently signed a term loan agreement for$40 million with German Investment Corporation (DEG) and Netherlands Development Finance Company (FMO) to provide financing to corporate, green businesses and SME customers at competitive pricing.

Ali Reza Iftekhar, Managing Director and CEO of EBL signed the agreement with Petra Kotte, DEG senior director of FI and German business and Huib-Jan de Ruijter, member of FMO’s executive committee and director FI, said a press release.

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 and FMO.

EBL Managing Director and CEO Ali Reza Iftekhar said: “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.”

Petra Kotte, DEG Senior Director of FI and 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”

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.“