Bank Asia to receive $35m from IFC

Bank Asia PLC has signed an agreement with International Finance Corporation, IFC, a private sector arm of the World Bank Group.

Through this agreement, Bank Asia will receive USD 35 million for capacity building of the MSME sector.

Sohail R K Hussain, Managing Director of Bank Asia, and Allen Forlemu, IFC Regional Industry Director of the Financial Institutions Group for Asia and the Pacific, exchanged the agreement after the signing, says a statement.

Additional Managing Directors Shafiuzzaman and ANM Mahfuz, SEVP Zia Arfin of Bank Asia, Wilfried Tamegnon, Manager, Financial Institutions Group, Bangladesh, Nepal and Sri Lanka from IFC, were present at the signing ceremony held at the Bank Asia Tower in Dhaka on Monday.

Allen Forlemu said, "IFC has been a steadfast partner in Bangladesh's financial sector, working to expand access to finance for micro, small, and medium enterprises (MSMEs), which are the backbone of the country's economy. Our investment in Bank Asia is part of our ongoing commitment to strengthening Bangladesh's private sector by ensuring SMEs have the resources they need to grow, trade, and create jobs. This financing will support export- and import-oriented SMEs, helping them navigate economic challenges and drive long-term resilience.

Sohail RK Hussain said that Bank Asia, with its strong balance sheet and nearly 8.0 million customers, is uniquely positioned to expand its SME portfolio by leveraging its Agent Banking Network. Bank Asia is the pioneer of Agent Banking in Bangladesh.