Bangladesh’s leading Eastern Bank Limited (EBL) has received a 35-million-USD loan from the International Finance Corporation (IFC), a member of the World Bank Group, to support working capital and trade-related lending program.
The loan agreement between the IFC and the EBL was signed in Dhaka on Monday.
“EBL is a strong partner of Bangladesh’s development growth. This partnership with IFC will help us extend working capital and trade finance solutions to local corporates and small, and medium enterprises (SMEs),” Ali Reza Iftekhar, managing director of EBL, was quoted as saying in a statement.
Allen Forlemu, IFC regional industry director of the Financial Institution’s Group for Asia and the Pacific, said, “IFC’s investment in Eastern Bank PLC underscores our long-standing commitment to strengthening Bangladesh’s financial sector and expanding access to finance for micro, small, and medium enterprises.
“Small businesses are the backbone of the country’s economy, driving employment and innovation. This investment will provide much-needed liquidity to help SMEs grow, trade, and build resilience in an evolving economic landscape,” the director said.
