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.
This is the first foreign equity placement by Commercial Bank, the first post-pandemic equity placement by the IFC and is one of the largest foreign investments into Sri Lanka since the start of the COVID-19 pandemic.
UNCDF and Its Partners Launch E-learning Modules to Help Fill the Digital and Financial Literacy Gap for Small and Micro Businesses in Bangladesh
Over 50 percent of small and micro-businesses in a recent UNCDF and Visa study had poor understanding of how digital and financial services could help their businesses, and financial literacy gaps were even more pronounced for women entrepreneurs.
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 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.
IFC’s $25 Million Investment in Nations Trust Bank to Help Sri Lankan Businesses Continue Operations, Preserve Jobs Amid COVID-19
The financing package will be used by Nations Trust Bank to help small and medium sized enterprises and corporates to stay afloat during the ongoing public health crisis.
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.
The investment will help to keep small and medium-sized enterprises open and preserve jobs, which is critical to sustaining the Bangladeshi economy.