Eastern Bank arranges Tk 300cr syndicated loan for Shakti

Eastern Bank PLC will help as lead arranger to manage a syndicated term loan facility worth Tk 300 crore for Shakti Foundation, a microfinance institution in Bangladesh.

The amount of loan can also be increased up to Tk 500 crore, said a press release.

The loan facility will be used to support Shakti Foundation's microfinance programmes comprising micro enterprise loan, microcredit, and agricultural loan for the disadvantaged women in the country, especially in urban areas.

Bangladesh Development Bank, Dutch-Bangla Bank, Jamuna Bank, Midland Bank, One Bank, Pubali Bank, SABINCO, South-Bangla Agriculture and Commerce Bank, and Eastern Bank are the other participating financial institutions of the loan.

Eastern Bank organised a deal closing ceremony at the Sheraton Dhaka in Banani on Monday, where Ali Reza Iftekhar, managing director and CEO of the bank, said: "This syndicated loan is another testament to our business commitment in promoting the social development of the country particularly of the marginalised people."

"The deal will help Shakti Foundation in their efforts to improve the socio-economic conditions of disadvantaged womenfolk in the country," he said while expressing his gratitude to all participants for their sincere support in the time of closing the deal.

Md Fashiullah, executive vice-chairman of Microcredit Regulatory Authority, and Humaira Islam, founder and executive director of the foundation, along with representatives from participating banks and non-banking financial institutions attended the ceremony.