EBL to get $40m overseas loan

Development banks of Germany DEG and of Netherlands FMO will provide a term loan of $ 40 Million to Eastern Bank Ltd (EBL), a leading private sector bank in Bangladesh.

Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank Ltd., Rena Terfruechte, Director Financial Institutions Europe/Asia of DEG and Dave Smit, Senior Investment Officer of FMO jointly signed the agreement to this effect at the EBL Head Office in Dhaka on Monday.

Deputy Managing Director Ahmed Shaheen and other senior executives of EBL, DEG and FMO were present on the occasion, according to a press release.

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-size enterprises.