news - FMO supports the financial sector in Bangladesh

Eastern Bank Ltd (EBL) signed a term loan agreement with DEG – (Deutsche Investitions- und Entwicklungsgesellschaft mbH) and FMO.

Mr. Ali Reza Iftekhar, Managing Director & CEO of Eastern Bank Ltd. and Ms. Rena Terfruechte, Director Financial Institutions Europe/Asia of DEG and Mr. Dave Smit, Senior Investment Officer of FMO jointly signed the agreement recently at Dhaka. EBL Additional Managing Director Mr. Hassan O. Rashid, Deputy Managing Director Mr. Ahmed Shaheen and other senior executives of EBL, DEG and FMO were present during the signing.

Linda Broekhuizen, Chief Investment Officer of FMO said: “FMO is proud to expand its partnership with Eastern Bank Ltd with this additional loan facility. Eastern Bank Ltd stands out as an entrepreneurial, innovative bank that puts clients first and we consider them to lead the financial sector in Bangladesh in many ways.”

This is the third time an agreement has been signed between EBL, DEG and FMO. Under the agreement EBL obtains foreign currency funds from DEG and FMO predominantly to support local small and medium-sized enterprises and green lending. The funds will be routed to EBL’s banking unit in Export Processing Zones. EBL has banking business in these zones since 2004 along with a dedicated and efficient work force, valued customer base and state of the art information technology facilities. Strong monitoring, quality customer base and foreign DFI partners have made EBL one of the most vibrant banks in the industry.