Two banks, one RMG to get IFC loans

Dhaka,  Wed,  23 August 2017
Published : 12 May 2017, 17:45:59 | Updated : 12 May 2017, 19:41:37
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Two banks, one RMG to get IFC loans

Two banks, one RMG to get IFC loans
International Finance Corporation (IFC) agreed this month to provide loans to three Bangladeshi business organization, two banks and a clothing firm.

Bank Asia Ltd,Prime Bank Ltd and Ananta Apparels Ltd will get the loans, reports /www.dealstreetasia.com.

IFC is extending a short-term working capital loan of up to $40 million to Dhaka-headquartered Bank Asia Ltd to support the foreign currency needs of small and medium enterprises (SMEs).

“The financing provided is a fit with the World Bank and IFC strategy of promoting economic growth by providing access to finance to underserved market segments and promoting international trade, thereby leading to improved competitiveness, job retention and creation,” IFC said in a disclosure.

The IFC also agreed to provide a loan of up to $50 million to Dhaka-headquartered Prime Bank Ltd to support the foreign currency needs of small and medium enterprises (SMEs) in Bangladesh.

This is the second investment commitment by IFC in a Dhaka-based bank this month.

Ananta Apparels Ltd (AAL), a Bangladesh-based clothing firm, will raise up to $6 million as a long-term debt from International Finance Corp (IFC), it said in a disclosure.

AAL is setting up a washing plant in its readymade garments factory located at Adamjee Export Processing Zone of Bangladesh.

The loan proceeds will be used to fund the machinery of the washing plant, the company said.

Founded in 1992, AAL is a ready-made-garments manufacturers and exporters. The company mainly focuses on jeans, trousers, suits among others.



 
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