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Chittagong, Bangladesh, January 6, 2012
—IFC, a member of the World Bank Group, is working with Bangladesh’s Eastern Bank to help poultry farmers buy technology that uses waste to generate electricity, enabling farmers to increase their efficiency, productivity and profitability.
With support from SouthAsia Enterprise Development Facility, managed by IFC, in partnership with U.K. Department for International Development and the Norwegian Agency for Development Cooperation, Eastern Bank has devised EBL Nobodoy, a customized loan product to help farmers install fixed-dome biogas plants to convert animal waste into electricity. Around 2 billion chickens in Bangladesh produce some 2.2 million tons of manure a year. Efficient management of this waste, converting it into a cheap and reliable source of energy, will help small farmers develop sustainable poultry businesses.
Dr. Atiur Rahman, Governor of Bangladesh Bank, the country’s central bank, encouraged other financial institutions to create “need-based initiatives that promote climate-change mitigation projects.” Farmers being able to generate their own electricity will also help reduce the diesel subsidy being provided by the government.
Ali Reza Iftekhar, managing director of Eastern Bank, said: “Our bank is dedicated to sustainable development, which is the cornerstone of everything that we do. We are committed to financing businesses that invest in green technology and will continue exploring innovative ways to improve local communities and the environment.”
Jeeva A. Perumalpillai-Essex, who leads IFC’s Sustainable Business Advisory work in South Asia, said: “In the area of clean and renewable energy promotion, we look for projects that combat climate change and benefit the overall economy of Bangladesh. This project is a perfect example of getting far-reaching results from a very local approach.”
Bangladesh is one of the most densely populated countries in the world, and as a low-lying country is also extremely vulnerable to climate change, with food security and disaster management deserving high priority. Bangladesh’s GDP stands at $100 billion, fueled mostly by growth in textiles and agriculture.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About Eastern Bank Limited
With a vision to become the bank of choice and to be the most valuable financial brand in Bangladesh, Eastern Bank Ltd. (EBL) began its journey in 1992. Over the years EBL has established itself as a leading private commercial bank in the country with undisputed leadership in Corporate Banking and a strong Consumer and SME growth engines. EBL's ambition is to be the number one financial services provider, creating lasting value for its clientele, stakeholders, and employees and above all for the community it operates in. For more information, visit
www.ebl.bd.com
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