Eastern Bank Limited (EBL) has signed a participation agreement with Bangladesh Bank recently.
EBL will be able to use a revolving refinance fund amounting BDT 1,000 Crore to support customers in technological development and up-gradation of their export-oriented industries by the agreement.
The revolving refinance fund formed from the Bangladesh Bank's own resource aims at supporting export-oriented industries to improve their skillset, preparing them to enjoy competitive advantage in international arena.
Ali Reza Iftekhar, Managing Director and CEO of EBL and Khondkar Morshed Millat, General Manager of Sustainable Finance Department, Bangladesh Bank signed the agreement on behalf of their respective organizations.
The fund will be channeled by EBL to its customers at competitive pricing for development and up-gradation of capital machinery and technology, energy efficient machinery or technology, business process reengineering or automation-related machinery or technology, operations management-related machinery or technology, waste management machinery or technology, air management machinery or technology, heat management machinery or technology, workplace management machinery or technology, water management machinery or technology, human resource development and management-related upgraded technology and account, sales and marketing management automation machinery or technology up-gradation.
"Such funds from Bangladesh Bank will contribute to expansion of technological expertise and process automation of export oriented factories. This initiative of Bangladesh Bank with other local banks and NBFIs will significantly contribute to enhancement of Bangladesh's per capita export earnings and GDP," said Ali Reza Iftekhar.