EBL partners with Austrian development bank to provide RMG, SME financing

Eastern Bank Limited (EBL) has signed an agreement with the Development Bank of Austria (OeEB) to provide financial support in foreign currency to local RMG and SME clients. 

The financial support will be offered at a competitive interest rate, according to a press release. 

“EBL is delighted to initiate a partnership with OeEB. This deal marks the beginning of a relationship with OeEB that will contribute significantly to the economy of the country, ensuring sustainable growth in key sectors,” said EBL Managing Director and CEO Ali Reza Iftekhar.

Sabine Gaber and Michael Wancata, executive board members of OeEB, said, “Improving access to finance for SMEs has been one of OeEB’s core strategic goals for many years. It has now become more important than ever during the Covid-19 pandemic, which hits SMEs particularly hard.

"We are, therefore, delighted to team up with EBL – an ideal partner for reaching SME clients all over the country. Together we can contribute to strengthening Bangladesh’s private sector and to securing and creating jobs," their statement added.  

Based on strong relationships with world’s largest banks and DFIs including OeEB  Eastern Bank has been supporting international trade business, and fulfilling short and long term requirements of local corporates and SMEs.  

OeEB has been operating as the Development Bank of Austria since March 2008. It specializes in the provision of long-term finance for the implementation of private sector projects in developing countries.