The proposed investment comprises a US dollar-denominated working capital solutions (WCS) senior A loan of up to US$50 million under the COVID-19 Emergency Response WCS Envelope to BRAC Bank Limited (BBL or the Bank), a FIG portfolio client in Bangladesh since 2004. This is structured as a one-year facility with two annual rollover options at IFC’s discretion, for a maximum aggregate tenor of three years. The Project will support working capital, trade finance, and foreign exchange liquidity needs of eligible sub-borrowers (export / import-based small and medium enterprises, as per IFC’s definition of targeted sectors), through BBL’s offshore banking unit and enable the Bank to continue supporting key sectors of the Bangladeshi economy, where the impact of COVID-19 persists.
The IFC categorized the project as FI-2.
As stated by the IFC, incorporated in 2001, BBL is currently the third largest private bank in Bangladesh, with consolidated total assets of US$6.4 billion. Its sponsor, BRAC, is a reputed development organization and microfinance lender in the country, which owns 46 percent in BBL, with foreign institutional shareholders holding another 34%, directors holding 0.07%, and the rest being held by the public. BBL is the only SME-focused bank in the country, with approximately half of its loan book comprising SME loans. With a network of 187 branches, 11 sub-branches, 457 SME unit offices and 1,004 agent banking outlets, BBL has a wide reach across the country.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - BRAC Bank Limited:
Noman Nasir - Head of Financial Institutions Relationship
Phone: +88 02 8801261
Address: Anik Tower, Level-11, 220/B, Tejgaon-Gulshan Link Road, Dhaka 1208, Bangladesh
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