Eastern Bank Limited (EBL) has signed a trade facilitation deal with Asian Development Bank (ADB) in Singapore recently, said a statement.
Steven Beck, Head of Trade and Supply Chain Finance of ADB and Md. Obaidul Islam, Executive Vice President and Head of Financial Institutions and Offshore Banking of EBL signed the agreement on behalf of respective organizations.
“Eastern Bank Ltd is one of Asian Development Bank’s (ADB) Trade Finance Program’s (TFP) partner banks in Bangladesh, and we are confident that this renewed commitment to support trade finance will further boost development and support to SMEs in Bangladesh” said Steven Beck.
EBL is a leading private commercial bank and the first bank in Bangladesh rated by International Rating Agency ‘Moody’s, maintaining long-term relationship with ADB to help facilitate the international trade businesses for its clients.
ADB’s TFP has supported over $3.2 billion in trade through 2,313 transactions in Bangladesh since 2010, with 50 per cent targeting SMEs.
-rmc//