EBL, ITFC sign trade financing agreement

Eastern Bank Limited (EBL) and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), signed a trade financing agreement in Dhaka on Sunday to support the private sector in Bangladesh.

The signing ceremony was organised to mark the inauguration of the IsDB Group's new Regional Hub in Bangladesh, according to a statement.

In presence of Finance Minister Abul Maal Abdul Muhith, EBL Managing Director and CEO Ali Reza Iftekhar and ITFC CEO Eng. Hani Salem Sonbol signed the agreement on behalf of their respective organisations at the ceremony at IDB Bhaban in the capital.

IsDB Group President Dr. Bandar M H Hajjar along with other dignitaries attended the ceremony.

Mr. Ali Reza Iftekhar reiterated initiation of solid relationship with the ITFC as a development financial institution partner and conveyed his gratitude for all the supports that the ITFC is rendering for the development of the country's financial sector.

He also pointed that EBL will continue its support for the growth and development of international trade businesses in the country.

The financing arrangement is expected to significantly support the growth of international trade businesses of Bangladesh. Eastern Bank's corporate and commercial clients will specially reap the benefits of this low cost fund.

The ITFC was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socio-economic conditions of the people across the world.