Bank Asia PLC and Eastern Bank PLC (EBL) have signed separate agreements with the International Finance Corporation (IFC), a member of the World Bank Group, to receive a total of $70 million in loans aimed at supporting Bangladesh’s economic growth.
Sohail RK Hussain, Managing Director of Bank Asia; Ali Reza Iftekhar, Managing Director and CEO of EBL; and Allen Forlemu, Regional Industry Director of the Financial Institutions Group at IFC, signed the agreements in Dhaka. Each bank will receive $35 million, according to separate press releases from both banks.
Bank Asia plans to utilize its portion of the loan to strengthen its capacity-building efforts within the micro, small, and medium enterprise (MSME) sector. The bank, which serves nearly 8 million customers, aims to expand its SME portfolio by leveraging its well-established agent banking network. “Bank Asia is the pioneer of agent banking in Bangladesh,” said Hussain, highlighting the bank’s unique position in the market.
Meanwhile, EBL will use its loan to support its working capital and trade-related lending program. The bank stated that it currently manages 5 percent of the country’s total trade business and views small and medium-sized enterprises (SMEs) as a key element of its growth strategy. “EBL is a strong partner of Bangladesh’s development growth. This partnership with the IFC will help us extend working capital and trade finance solutions to local corporates and SMEs,” said Iftekhar.
The IFC’s investment in both banks is part of its broader commitment to strengthening Bangladesh’s financial sector. Allen Forlemu, of the IFC, emphasized that the loans would not only enable SMEs to grow and innovate but also help them navigate economic challenges and build long-term resilience. “IFC has been a steadfast partner in Bangladesh’s financial sector, working to expand access to finance for micro, small, and medium enterprises, which are the backbone of the country’s economy,” said Forlemu.
The funds are expected to enhance the liquidity available to export- and import-oriented SMEs, helping them thrive in a competitive global market while contributing to sustainable economic development in Bangladesh.
The signing ceremony also saw the presence of key officials, including Shafiuzzaman and ANM Mahfuz, Additional Managing Directors of Bank Asia; Zia Arfin, Senior Executive Vice-President of EBL; and Wilfried Tamegnon, Manager of the Financial Institutions Group for Bangladesh, Nepal, and Sri Lanka at the IFC.
This collaboration marks a significant step in driving financial support to critical sectors of the economy, further strengthening the role of SMEs in Bangladesh’s growth story.
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