Dhaka, Oct. 23 -- IFC is helping to preserve thousands of jobs in Bangladesh through an investment in Prime Bank Limited to support small and medium enterprises (SMEs) and companies affected by the COVID-19 pandemic.
A $35 million loan from IFC to the private commercial bank will provide critical working capital to help small businesses continue their operations, said an IFC press release.
The release said SMEs comprise over 90 percent of businesses in Bangladesh and employ over 20 percent of the adult population.
The financing package is part of IFC's $8 billion global COVID-19 fast-track financing facility, aimed at helping companies stay afloat during the ongoing public health crisis.
This investment comes under the Working Capital S...