Mutual Trust Bank Ltd on Monday closed a deal to take $20 million low-cost foreign currency loans from DEG, a German development finance institution.

This is the first time MTB has signed an agreement with the DEG to get foreign currency loan, which is long-term in nature.

“It is a very concessional and lucrative loan,” Anis A Khan, managing director of MTB, said yesterday. He, however, declined to disclose the interest rate on the loan.

MA Rouf, chairman of the bank, Rena Terfruechte, director (financial institutions for Europe-Asia) of DEG, and Pathomwong Gerdbhoca, senior investment manager, were present at the deal signing ceremony held at a city hotel.