International Finance Corporation (IFC), one of the members of the World Bank Group, is lending USD 35 million to Eastern  Limited for working capital and trade lending activities. A formal agreement was signed between the two institutions at EBL’s head office in Dhaka on Tuesday (January 28).

Eastern Bank Managing Director and Chief Executive Ali Reza Iftekhar said that EBL is a strong partner for the development of Bangladesh. Our partnership with IFC will support local corporates and SMEs in terms of working capital and trade finance.

Ellen Forlemo, IFC Regional Director for Asia and the Pacific, Financial Institutions Group, said, “IFC’s investment in Eastern Bank reflects our long-standing commitment to strengthening Bangladesh’s financial sector and ensuring access to finance for MSMEs. Small businesses are the backbone of the country’s economy, creating jobs and fostering innovation. He said, “This investment will ensure much-needed liquidity for MSMEs to grow, trade operations, and build a solid foundation for their institutions in the ever-changing economic context. We are proud to partner with Eastern Bank to support Bangladesh’s private sector and promote sustainable economic development.

Eastern Bank is recognized as the market leader in corporate banking in Bangladesh and is capable of financing large infrastructure projects, manufacturing projects and complex business transactions. They currently handle five percent of the country’s trade business.

The bank sees small and medium enterprises as an important segment and provides tailored loans to encourage the development of the SME sector.