WB Group, IFC delegates meet SMEs of BRAC Bank

FT ONLINE

A high-level delegation from World Bank Group comprising of 11 Executive Directors interacted with a group of SME entrepreneurs of BRAC Bank for the first time during their visit to Bangladesh recently.

The senior officials of World Bank Group and IFC met six entrepreneurs individually (four female and two male) and were impressed by their success stories.

The proprietors of Piya Fashion, Diva's World, Harvest Home, Aranya Craft Ltd, Dream Electronics and Orogenic Resources BD Ltd have availed SME credit from BRAC Bank, which helped them expand their business significantly.

During their official visit, the delegates praised BRAC Bank’s comprehensive women’s banking solutions, TARA, that aims to empower women and offer them unique propositions - bringing them into the mainstream financial system and allowing them to benefit from economic freedom.

At present, IFC is the largest foreign currency fund supplier to BRAC Bank, of which loan facility of US$ 90 million, along with global trade finance facility of approximately US$ 30 million were financed by the bank.

The bank’s Deputy Managing Director and CRO Chowdhury Akhtar Asif welcomed the delegates and elaborated on a longstanding partnership with IFC. Deputy Managing Director and COO Md Sabbir Hossain, Deputy Managing Director and CFO Mohammad Masud Rana FCA and senior officials were also present.

Head of SME Banking Syed Abdul Momen briefed them about the bank’s legacy in SME and said: “World Bank Group - IFC and BRAC Bank have shared an important journey of financial inclusion for the vastly unbanked people and women entrepreneurs of Bangladesh for over a decade now. Through deepening our partnership, BRAC Bank is leading by example – demonstrating and showcasing its greater drive for financial inclusion. This partnership is catalytic to bringing more entrepreneurs into the financial system and guide them to a path of prosperity.”

“World Bank Group’s IFC has been one of the major partners of BRAC Bank, particularly in SME financing. It gives us immense confidence to make bold decisions with them by our side and foster the growth of small businesses in Bangladesh. We are proud to have the prospect of serving this market and excited to see the progress and contributions they make to the economy,” he added.