IFC lends Prime Bank $35 million to help SMEs

Dhaka (Oct 23, 2020): International Finance Corporation or IFC has agreed to give Prime Bank $35 million to help the latter support small and medium enterprises (SMEs) during the Covid-19 pandemic.

IFC, the private sector arm of the World Bank Group, believes that the money would help SMEs keep jobs in Bangladesh.

With this money Prime Bank will extend SMEs critical working capital, trade finance and foreign exchange support, IFC said in a statement on Thursday.

SMEs account for over 90 percent of businesses in Bangladesh and it is the major employer.

The loan is part of the IFC's $8 billion global Covid-19 fast-track financing facility.