MTB signs $25 million loan deal with Norfund

Mutual Trust Bank PLC (MTB) recently signed a $25 million term loan facility agreement with Norfund, the Norwegian Investment Fund for developing countries, reinforcing their commitment to sustainable economic growth in Bangladesh.

Syed Mahbubur Rahman, managing director and CEO of MTB, and Saweera (Max) Rachawong, investment manager of Norfund, signed the agreement at the Sheraton Dhaka in the capital's Banani, said a press release.

Rahman expressed his gratitude to Norfund for the successful closure of this repeat transaction, emphasising its significance in strengthening financial collaboration.

"This agreement reinforces our synergy with Norfund, bolsters MTB's financial position, and supports economic resilience, further solidifying our long-term partnership," he said.

Håkon Arald Gulbrandsen, the Norwegian ambassador to Bangladesh, attended the signing ceremony.

Gulbrandsen commended MTB's vision and commitment to financial inclusion, stating, "This partnership reflects the strong bilateral ties between Norway and Bangladesh."

"We believe this facility will play a vital role in fostering SME growth and promoting financial empowerment, particularly for women-led enterprises," the Norwegian ambassador added.

Saweera (Max) Rachawong said, "The loan aims to enhance financial inclusion in the country, particularly for underserved SMEs and micro-enterprises."

"This demonstrates our confidence in our partnership with MTB during this transitional period for the country and underscores our commitment to our mission and long-term vision with MTB," he added.

Khalid Mahmood Khan, additional managing director and chief business officer of the bank; Kaida Azam, deal manager of the transaction; along with other senior officials from MTB, Norfund, and the Norwegian embassy in Dhaka, were also present.