The International Finance Corporation and Bangladesh Financial Intelligence Unit will work together to develop an electronic know your customer (eKYC) infrastructure to fast-track financial inclusion.
The investment will help to keep small and medium-sized enterprises open and preserve jobs, which is critical to sustaining the Bangladeshi economy.
The Recovery and Advancement of Informal Sector Employment project will help about 175,000 poor urban youths and low-income microentrepreneurs enhance employability and productivity.
The World Bank has warned that the weaker-than-expected growth elsewhere in the world due to the pandemic may undermine the recovery in Bangladesh and other countries in South Asia.
The International Fund for Agricultural Development will provide Bangladesh with a loan of $ 18.07 million to rebuild microenterprises as well as to support smallholders affected adversely by the COVID-19 pandemic.
New IFC Survey Reveals A Third of Workers in Bangladesh’s Micro, Small and Medium Enterprises Now Jobless in Wake of COVID-19 Impacts
A staggering 37 percent of workers in Bangladesh’s micro, small and medium enterprises lost their jobs, either temporarily or permanently, in the space of one month, with 94 percent of MSMEs experiencing a sharp drop sales due to the impact of COVID-19.
Bangladesh's financial sector will have to adopt new technologies and services in the post-COVID-19 period for the lenders to move their operations online and address the recent challenges faced by the industry.
IFC Finances the City Bank to Help Bangladeshi Companies and Small and Medium Enterprises Impacted by COVID-19
The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, which aims to help companies stay in business.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.