Prime Bank to get $90m from IFC to support MSMEs

Business Report :
Prime Bank recently signed a term loan agreement worth $90 million with the International Finance Corporation (IFC), a member of the World Bank Group, aimed at supporting export and import-based micro, small and medium enterprises (MSMEs) in Bangladesh.
This investment aims to significantly enhance financial access for MSMEs, thereby catalysing economic growth and resilience across the country.
Hassan O Rashid, chief executive officer of Prime Bank, and Allen Forlemu, regional industry director of the Financial Institutions Group for Asia and Pacific at the IFC, penned the deal at a hotel in Dhaka, according to a press release.
“IFC’s support underscores confidence in Prime Bank and reflects the resilience in Bangladesh’s economy. Our decade-long partnership with IFC has been instrumental in expanding our operations. We are grateful for IFC’s continued support,” Rashid said. “This new infusion of $90 million, targeted towards our MSME clients, will significantly grow our MSME portfolio,” he added.