Eastern Bank Limited (EBL) received a milestone award of recognition from the International Finance Corporation (IFC) of the World Bank Group as the “Best Global Trade Finance Programme (GTFP) Issuing Bank in South Asia”.

The award is in recognition of EBL’s contributions to trade and supply-chain finance in Asia. The award was handed over to EBL in the 5th Annual Bank Partners Meeting held in Dubai recently, said a press release Tuesday.

Md. Obaidul Islam, EBL Head of International Division and Junaid Masroor, Head of Transaction Banking received the award from Georgina Baker, Director, Global Trade and Supply Chain Solution of IFC, World Bank Group.

Over 275 trade and FI industry professionals from 130 institutions representing 58 countries across the globe participated in the 5th Annual Bank Partners Meeting in Dubai. EBL was the only bank from Bangladesh that participated in the meeting.

The Global Trade Finance Programme (GTFP) of IFC extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.

EBL joined the Global Trade Finance Programme (GTFP) of IFC in 2005 and is using the facility to support more trade and business for its customers and thereby contributing to the economy of the country.

Established in 1956, IFC, a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing worlds. IFC promotes sustainable private sector investment in developing countries.

News: Daily Sun/Bangladesh/31-Oct-12