EBL, ADB sign revised deals under TFFP
Thursday, 24 December 2009
Eastern Bank Limited (EBL) and Asian Development Bank (ADB) have signed revised agreements under the Trade Finance Facilitation Programme (TFFP) in the city recently, said a press release.
ADB's Country Director for Bangladesh Resident Mission Paul J Heytens and EBL Deputy Managing Director Md Fakhrul Alam signed the agreements on behalf of their respective sides.
Among others, Steven Beck, head of Trade Finance from ADB and senior officials from EBL were present on the occasion.
The agreement enables EBL to arrange ADB guarantee in favour of confirming banks for payment of letters of credit (LCs) and other trade finance instruments of EBL.
Under the revolving credit agreement, EBI is also a position to borrow in foreign currency from ADB.
The agreement is a part of ADB's TFFP to use financial intermediation to facilitate private sector development and economic growth of developing countries.
ADB's Country Director for Bangladesh Resident Mission Paul J Heytens and EBL Deputy Managing Director Md Fakhrul Alam signed the agreements on behalf of their respective sides.
Among others, Steven Beck, head of Trade Finance from ADB and senior officials from EBL were present on the occasion.
The agreement enables EBL to arrange ADB guarantee in favour of confirming banks for payment of letters of credit (LCs) and other trade finance instruments of EBL.
Under the revolving credit agreement, EBI is also a position to borrow in foreign currency from ADB.
The agreement is a part of ADB's TFFP to use financial intermediation to facilitate private sector development and economic growth of developing countries.