EBL partners with IFC to strengthen climate risk management

Eastern Bank has entered into a strategic partnership with the International Finance Corporation (IFC) to advance its climate risk management capabilities. EBL becomes the first commercial bank in Bangladesh’s banking sector to collaborate with IFC on enhancing climate risk management frameworks, according to a media release Thursday.

This advisory initiative aims to bolster EBL’s ability to assess and manage both physical and transition climate risks. The project will align EBL’s risk practices with international standards, strengthening its resilience to climate-related financial impacts.

Ali Reza Iftekhar, Managing Director and CEO of EBL and Mehdi Cherkaoui, Regional Manager, Upstream and Advisory Services, Financial Institutions Group, South Asia, IFC, signed the agreement on behalf of their respective sides in Dhaka recently.

Commenting on the partnership, Ali Reza Iftekhar said, “We are proud to be the first bank in Bangladesh to integrate a dedicated climate risk management framework in partnership with IFC. This initiative will strengthen our institutional resilience and reinforce our long-term commitment to sustainability and responsible banking.”

“It reflects EBL’s proactive approach to managing climate-related financial risks and its dedication to supporting Bangladesh’s transition to a low-carbon economy.”

The project is supported by the Government of Denmark under the Bangladesh Climate Advisory Partnership.