The International Finance Corporation (IFC), a member of the World Bank Group, has announced a US $ 50 million investment in City Bank PLC aimed at supporting small and medium-sized enterprises (SMEs) in Bangladesh. This initiative is part of IFC’s efforts to drive economic recovery, create jobs, and foster growth within the SME sector, particularly among businesses engaged in import and export activities.
The agreement was formalised at a recent ceremony held at City Bank’s head office. The funds provided by IFC will help bridge the financing gap facing SMEs, allowing City Bank to offer new loan opportunities at a time when inflation and currency challenges have limited access to affordable credit for many businesses.
City Bank’s Managing Director and CEO, Mashrur Arefin, expressed his gratitude for the support, stating, “We are grateful for IFC’s support. This investment will help small businesses overcome challenges and play a bigger role in Bangladesh’s future.”
Allen Forlemu, the IFC Regional Industry Director of the Financial Institutions Group for Asia and the Pacific, emphasised the importance of small businesses in Bangladesh’s economy. “By supporting them, we aim to improve access to finance and promote inclusive growth,” he said.
IFC’s commitment to strengthening Bangladesh’s private sector has been evident over the past decade, with a total investment of US $ 765 million in local banks since 2014 to enhance SME financing. The current investment is expected to play a crucial role in sustaining operations, maintaining jobs, and supporting key sectors across the economy.
