According to the bank's website, "The proposed Project is an up to US$30 million Working Capital Solutions (WCS) facility to be extended to BRAC Bank Limited (“BRAC Bank” 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 BRAC Bank’s Off-Shore Banking Unit."
According to the bank's website, "BRAC Bank Limited was established in 2001 as a private commercial bank based in Bangladesh. The Bank is majority owned by BRAC (46.2%), the world's largest nongovernmental organization that supports various social and environmental causes. Other investors in the Bank are: (i) Foreign investors (39.6%); (ii) Local Institutes (8.0%); Public (6.2%). The foreign investors with more than 2% ownership are the Government of Norway, which held 3.455% shares of the Bank in its Sovereign Wealth Fund, CLSA Global Markets Pte Ltd. which held 2.777% and Citigroup Global Markets Ltd with 2.183% shares as of 31 December 2020. The Bank was listed on both the Dhaka Stock Exchange and the Chittagong Stock Exchange in 2007 and has the largest market cap for a Bangladeshi bank at US$729 mn."
BRAC Bank Limited
Head of Financial Institutions Relationship
88 02 8801261
Anik Tower, Level-11, 220/B, Tejgaon-Gulshan Link Road, Dhaka 1208, Bangladesh
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