Prime Bank signs WCS deal with IFC

Business Desk :
Prime Bank Limited has recently signed Covid-19 Working Capital Solutions (WCS) facility loan agreement with International Finance Corporation (IFC).
It will support working capital, trade finance and FX liquidity needs of the sub-borrowers through the banks Off-Shore Banking Unit. This support is targeted in the context of responding and helping with the resilience measures around COVID-19 crisis, said a press release.
Under this agreement IFC will provide US Dollar liquidity to the bank for on-lending as trade or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. This is the third consecutive time Prime Bank is availing WCS facility from IFC.
Rahel Ahmed, Managing Director and CEO of Prime Bank Limited and Rosy Khanna, IFC’s Regional Industry Director (Asia & Pacific) signed the agreement on behalf of their respective organizations in a virtual signing ceremony held recently.
IFC Country Manager for Bangladesh, Nepal and Bhutan Wendy Werner, Principal Investment Officer Ehsanul Azim and Prime Bank’s DMD and CBO Faisal Rahman, Head of Structured Finance and Transaction Banking Shams Abdullah Muhaimin were present along with other senior executives from both parties in the occasion.