Dhaka, July 8 -- EIB Global, the development arm of the European Investment Bank, has announced a €60 million financing agreement with BRAC Bank PLC in Bangladesh, marking the longest-tenor funding ever extended by a development finance institution to a commercial bank in Bangladesh.

The 12-year facility comprises a €40 million microfinance loan and a €20 million framework loan to accelerate green and circular investments by local companies, said a press release.

The €40 million EIB loan is expected to support more than 2,500 small enterprises in Bangladesh.

The financing will enable investments in cleaner production, resource efficiency, waste reduction,

renewable energy and modern equipment, with the full amo...