Riyadh - Mubasher: The International Islamic Trade Finance Corporation (ITFC) has approved a Murabaha financing facility for Eastern Bank Limited in Bangladesh.

The facility aims to support the bank's private sector business, namely small and medium-sized enterprises (SMEs) importing raw materials, amid the coronavirus (COVID-19) pandemic, according to a press release on Thursday.

The financings provided by ITFC, a member of the Islamic Development Bank (IsDB) Group, is part of the group's COVID-19 response package to provide main supplies in the Organisation of Islamic Cooperation (OIC) countries.

The Eastern Bank Managing Director and Chief Executive Officer, Ali Reza, said: "This important relationship with ITFC will ensure the growth of EBL’s corporate and SME clients and will contribute further to trade business of the country."

Meanwhile, the CEO of ITFC, Hani Salem Sonbol, remarked: "Such collaborative approach is meant to facilitate SME access to financing and that is key in the country’s economic growth and ability to expand participation in global value chains."