IFC Provides $30M to BRAC Bank to Support Businesses During COVID-19
Small and medium-sized enterprises (SMEs) and larger companies hard hit by the impacts of the COVID-19 pandemic are set to benefit from a $30 million loan to BRAC Bank Limited from IFC, a member of the World Bank Group. The investment will help to keep businesses open and preserve jobs, which is critical to sustaining the Bangladeshi economy.
The financing package is part of IFC's $8 billion global COVID-19 fast-track financing facility to support companies during the ongoing public health crisis. This new investment comes under the Working Capital Solutions (WCS) program of the COVID-19 response envelope, which is providing $2 billion globally to emerging-market banks, enabling them to support struggling firms.