Prime Bank Receives $50 Million from IFC to Support Trade, Forex Liquidity Needs in Bangladesh
Summary
This IFC engagement with Prime Bank will also be supported by the International Development Associations Private Sector Window Blended Finance Facility. Commercial banks are the largest providers of working capital and foreign exchange trade finance support to manufacturing and infrastructure businesses, key drivers of Bangladeshs economy. IFC has provided a total of $310 million in working capital solutions to banks in Bangladesh and liquidity support to companies since the beginning of the COVID-19 crisis, including this new funding to Prime Bank.Since 2010, IFC has invested over $3.6 billion to help private sector grow in Bangladesh, creating jobs for the countrys people. IFCa member of the World Bank Groupis the largest global development institution focused on the private sector in emerging markets. Recognizing the key role of the private sector in achieving IDAs objectives and the World Bank Groups twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA).