Eastern Bank Ltd (EBL) signed a short term rollover loan agreement with International Finance Corporation (IFC), World Bank Group. Mr. Ali Reza Iftekhar, Managing Director & CEO of Eastern Bank Ltd and Mr. Kyle F. Kelhofer, Country Manager of IFC signed the agreement on June 14, 2011 for the respective parties. EBL Deputy Managing Directors Mr. M. Fakhrul Alam and Mr. Muklesur Rahman and other senior executives of both EBL & IFC were present during the signing.

This is first time such an agreement signed between EBL & IFC. Under the agreement EBL will obtain foreign currency funds from IFC to support the customers’ requirements with respect to import-export transactions, trade finance, working capital requirements and related areas from it’s offshore banking unit (OBU). EBL has offshore banking operations since 2004 along with a wide network of branches, delivery channels, valued customer base and state of the art information technology facilities. EBL has been working closely with IFC, World Bank Group as a partner bank in the Global Trade Finance Program (GTFP) since 2005. EBL has also been awarded by IFC as the Most Active GTFP Issuing Bank in South Asia 2009-2010 and the Most Active Issuing Bank in Agribusiness Sector in South Asia 2010-2011.

Source: EBL Website