BRAC Bank gets $30m in loans from CDC

It also opened a branch in Dhaka and appointed Rehan Rashid as the country director of the institution for Bangladesh, said the group in an announcement on Tuesday.

Rehan was most recently at the IFC and held several positions at global financial institutions including ICICI Bank Limited, the Dubai Islamic Bank and HSBC.

Chief Executive Nick O’Donohoe said this latest $30 million commitment and new country director builds on "our recent momentum in Bangladesh and demonstrates our continued commitment to the country.”

"We know this positively contributes to a country’s economic prosperity and the quality of people's lives in local communities."

Apart from the chief executive, Chairman Graham Wrigley, and Head of Asia Srini Nagarajan are now visiting Bangladesh. They will hold meetings with local businesses to further understand how CDC’s capital and collaboration can help their companies expand and contribute to Bangladesh’s prosperity.

The CDC offers flexible investment solutions including equity, corporate debt, project finance and fund investments.

It has been investing in Bangladesh since the early eighties and over the last 10 years and committed excess of $205 million to the country.

In the wider region of South Asia, it has invested for over 30 years and over 300 investee partners, valued at nearly $ 2 billion. The group has committed to invest up to $1.7 billion in South Asia from 2018-2021.

It has long-term investment partnerships with high-growth domestic businesses in Bangladesh such as RFL Electronics, a producer of consumer electronics and large domestic appliances for the local market and Grameenphone, Bangladesh’s leading mobile phone operator.

BRAC Bank where the latest investment is being made is sponsored by BRAC NGO, the largest NGO in the world, with a mandate for impact investment and financial inclusion.

The new loan, the CDC says, will enable BRAC Bank to increase its lending programme to export-led businesses to accelerate their growth, advance employment and positively contribute to Bangladesh’s economy.

The institution also supports companies to implement gender equality and climate solutions, furthering enhancing their business value.