Eastern Bank Limited (EBL) has been awarded by International Finance Corporation (IFC) under World Bank Group as the Best Partner for Equipment Trade in South Asia under Global Trade Finance Program.
IFC’s 9th Annual Trade Awards held recently recognised the partners’ leadership in providing trade finance in emerging markets.
EBL has been utilising IFC’s facilities to support international trade businesses, offshore banking, and FCY funding requirements of its customers, according to a media release.
Managing Director and CEO of EBL Ali Reza Iftekhar said, “It has been an honour and privilege to have received this award which reflects how effectively and efficiently EBL has been supporting the businesses of the country by using its global correspondent banking and DFI relationship. It ensures a win-win outcome for the partners including customers engaged, Development Financial Institutions, global correspondent banks and EBL.”
Makiko Toyoda, Acting Head of IFC’s Global Trade Finance Program said “We would like to offer our sincere appreciation for Eastern Bank’s partnership in the Global Trade Finance Program”.
Through its relationship with DFIs including International Finance Corporation (IFC), World Bank Group,Asian Development Bank (ADB), DEG – German Development Finance Institution, FMO – Dutch Development Bank, PROPARCO – French Development Financial Institution, OPEC Fund for international Development (OFID), OeEB –Development bank of Austria etc, EBL supports short and long term requirements of valued customers .
EBL has also won award from ADB as ‘leading SME Trade Bank for 2020’, the release added.
In the wake of Covid-19 pandemic, IFC and ADB have increased the line for EBL with extended tenor as well. DEG, FMO and OeEBalso came up with new facilities for EBL.
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