Eastern Bank Ltd (EBL) and Germany's development finance institution - DEG have entered into a Memorandum of Understanding (MoU) marking the beginning of a new era of partnership.
EBL Managing Director and CEO Ali Reza Iftekhar and DEG's CEO Bruno Wenn, signed the MoU at a city hotel recently, said a statement.
Under the MoU, both the entities will intensify collaboration in the fields of SME, corporate and infrastructure financing in Bangladesh.
In February, EBL and DEG celebrated the 10th anniversary of their partnership.
During the decade long partnership, DEG has provided EBL with long-term funding to support local small and medium-sized enterprises and green lending. In addition, the organizations have co-financed local corporates. DEG has partnered with EBL in developing a social and environmental risk assessment system, for sustainable business growth.
For the coming decade, DEG and EBL seek more opportunities to jointly support the real economy in Bangladesh through sustainable finance solutions. The organisations will further partner on a strategic level with the aim to strengthen the banking sector in Bangladesh.
EBL is the first bank in Bangladesh rated by the international rating agency Moody's.
To date, DEG and EBL have partnered in three financing agreements, thereof two together with other DFI partners, for an aggregate amount of over USD 100.00 million. Under these agreements EBL has obtained foreign currency funds from DEG to meet customers' requirements with respect to long term foreign currency financing requirements and related areas from its banking unit in Export Processing Zones. EBL's customer base and foreign DFI partners have made EBL one of the most vibrant banks in the industry.
EBL Managing Director & CEO Mr. Iftekhar commented : "It's a privilege working with DEG over last decade and developing financial solutions for Bangladesh Market. We look forward to closely work with DEG in the coming days to contribute meaningfully in Bangladesh's journey to a developing country"
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