Prime Bank, IFC sign agreement targeting Covid crisis
This support is targeted to the response to and assistance with resilience measures around the Covid-19 crisis.
Prime Bank Limited signed Covid-19 Working Capital Solutions (WCS) facility loan agreement with International Finance Corporation (IFC) on Thursday, said a press release.
It will support sub-borrowers' working capital; trade finance and FX liquidity needs through Prime Bank's Off-Shore Banking Unit.
This support is targeted to the response to and assistance with resilience measures around the Covid-19 crisis.
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Under this agreement, IFC will provide US Dollar liquidity to Prime Bank for on-lending as trade or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic.
This is the third consecutive time Prime Bank is availing WCS facility from IFC.
Prime Bank's Managing Director and CEO, Rahel Ahmed, and IFC's Regional Industry Director, FIG–Asia and Pacific, Rosy Khanna, signed the agreement on behalf of their organizations at a virtual signing ceremony.
IFC's Country Manager for Bangladesh, Nepal and Bhutan, Wendy Werner; Principal Investment Officer, Ehsanul Azim; and Prime Bank's Deputy Managing Director and Chief Business Officer, Faisal Rahman; Head of Structured Finance and Transaction Banking, Shams Abdullah Muhaimin were present along with other senior executives.
