The International Finance Corporation (IFC), a World Bank Group member that focuses on the private sector in developing nations, has inked separate agreements with Bank Asia PLC and Eastern Bank PLC (EBL) to provide them with a total of $70 million in loans. Each bank will receive $35 million as a result of this agreement, according to press announcements from the banks. The agreement was signed by Mr. Allen Forlemu, IFC regional industry director of the financial institution’s group for Asia and the Pacific, and Mr. Sohail R K Hussain, managing director of Bank Asia, on behalf of their respective clients.
The signing ceremony was held on January 27, 2025, at Bank Asia Tower in Karwan Bazar, Dhaka. Among those in attendance were Mr. Wilfried Tamegnon, Manager, Financial Institutions Group, Bangladesh, Nepal, and Sri Lanka from IFC; Mr. Shafiuzzaman and Mr. ANM Mahfuz, Additional Managing Directors; and Mr. Zia Arfin, SEVP of Bank Asia. According to M. Allen Forlemu, “IFC has been a consistent partner in Bangladesh’s financial sector, striving to increase financing availability for MSMEs, which are the foundation of the nation’s economy.
He also said their continued dedication to bolstering Bangladesh’s private sector by giving SMEs the tools they require to expand, trade, and generate employment is reflected in our investment in Bank Asia. Mr. Sohail R.K. Hussain added that Bank Asia is in a unique position to grow its SME portfolio by utilizing its agent banking network because of its robust balance sheet and approximately 8 million customers. In Bangladesh, Bank Asia was the first to introduce agent banking. Through improved trade and finance access, this collaboration will help SMEs and boost Bangladesh’s economy.
Source: The Business Standard
