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, four female and two male, and were enthused 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, that 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 through 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 $90 million, along with global trade finance facility of approximately $30 million were financed by the bank.
The bank’s Deputy Managing Director and CRO Chowdhury Akhtar Asif welcomed the delegates and elaborated on longstanding partnership with IFC. Deputy Managing Director and COO Md Sabbir Hossain, Deputy Managing Director and CFO Mohammod Masud Rana FCA and senior officials were also present.
World Bank Group, IFC and BRAC Bank have shared an important journey of financial inclusion for the vastly un-banked people and women entrepreneurs of Bangladesh for over a decade now. Through the partnership with, BRAC Bank is leading by example demonstrating and showcasing its greater drive for financial inclusion.
World Bank Group’s IFC has been one of the major partners of BRAC Bank, particularly in SME financing. IFC and BRAC began working together in 1997, jointly supporting the launch of Bangladesh’s first stand-alone home loan institution – Delta BRAC Housing Finance Corporation.
The next project was BRAC Bank in 2004, a SME focused bank targeting Bangladesh’s then largely untapped small and medium enterprise market.