IFC’s $35m investment in Prime Bank boosts Bangladesh SMEs
The International Finance Corporation is investing in Bangladesh's Prime Bank Limited to support SMEs and companies affected by the COVID-19 pandemic.
The $35 million loan to Dhaka-headquartered Prime Bank will provide critical working capital to help SMEs continue their operations.
The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, aimed at helping companies stay afloat during the ongoing public health crisis. This investment comes under the Working Capital Solutions program of the COVID-19 response envelope, which provides $2 billion globally to emerging-market banks, enabling them to support struggling firms.
“This new investment from IFC will allow us to extend critical working capital, trade finance and forex liquidity to affected businesses,” said Rahel Ahmed, Managing Director and CEO of Prime Bank.
