IFC invests in City Bank to support SME businesses in Bangladesh
IFC, a member of the World Bank Group, is investing fifty million in City Bank Plc to help SMEs in Bangladesh grow, create jobs, and boost economic recovery.
On this occasion, an agreement signing ceremony was recently held at City Bank's head office.
The IFC investment will help close the gap in SME financing by providing City Bank with funds to extend new loans to SMEs, particularly those involved in import and export. This partnership comes at a critical juncture for the financial sector, as inflation and currency challenges have made it harder for businesses to access affordable credit. Strengthening SME financing will sustain operations, maintain jobs, and support key sectors of the economy.
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City Bank's Managing Director and CEO Mashrur Arefin expressed appreciation, saying, "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, IFC Regional Industry Director of Financial Institutions Group for Asia and Pacific said, "Small businesses are essential to Bangladesh's economy. By supporting them, we aim to improve access to finance and promote inclusive growth."
Others present at the occasion were Aziz Al Kaiser, Chairman of City Bank Plc, and Martin Holtmann, Country Manager of IFC in Bangladesh, Bhutan, and Nepal, among others.
Building on a decade-long commitment to strengthening Bangladesh's private sector, IFC has invested seven hundred and sixty five million in local banks since 2014 to enhance SME financing.
