Original disclosure @ IFC website
Updated in EWS Jun 19, 2021
Disclosed by Bank Nov 6, 2020
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According to the bank's website, "The proposed Project is an up to US$25 million Working Capital Solutions (WCS) facility to be extended to Bank Asia Limited (“Bank Asia” or the “Bank”) in Bangladesh, under the FIG COVID-19 Emergency Response WCS Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. This proposed Project is a one-year facility, renewable for an additional one year, for a maximum aggregate tenor of two years. This Project will support working capital, trade finance and FX liquidity needs of the sub-borrowers (export/import-based SMEs and Corporates) through Bank Asia’s Off-Shore Banking Unit."
According to IFC, "Incorporated in 1999, Bank Asia is the 13th largest private commercial bank in Bangladesh with a total asset of US$4.3 billion as of June 30, 2020. It offers a full range of banking products and services to the corporate, MSME and retail customers. Bank Asia is listed with both Dhaka and Chittagong Stock Exchange. The Bank has a track record of working in multiple investment projects with IFC. As on September 30, 2020, the Bank’s shareholding is – sponsor: 51.2 percent, local institutions: 33.71 percent, foreign institutes: 0.28 percent and general public: 14.81 percent."
Bank Asia Limited
Md. Zia Arfin
Senior Executive Vice President and Head of International Division
Bank Asia Tower, Level-6, 32 & 34, Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215, Bangladesh
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