Bank Asia inks deal with IFC

Dhaka,  Mon,  21 August 2017
Published : 05 Aug 2017, 21:58:11
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Bank Asia inks deal with IFC



Bank Asia has signed an Agreement on Working Capital Solutions (WCS) Facility with International Finance Corporation, IFC - a private sector arm of the World Bank Group. By this agreement IFC has provided $40.00 million Working Capital Solutions (WCS) Facility. Bank Asia has also arranged a $40.00 million guarantee facility under Global Trade Finance Program (GTFP) of IFC. Under the agreement, Bank Asia will be enjoying short term loan facility for US$ 40 million from IFC as Working Capital Solutions (WCS) which will ultimately contribute to trade business in emerging markets.

The program will allow Bank Asia to enhance its loan balance sheet size and to serve the clients with enhanced tenor and competitive pricing. Bank Asia will be able to extend USD based short term funding to the eligible borrowers by strengthening its trade services, allowing export-oriented business enterprises to have continued access to trade finance.

In addition, the loan and trade guarantee facilities will pay for critical value-chain imports, promote Bangladesh's global trade as IFC provides partial or full guarantee against underlying trade instruments and covers the payment risk of participated issuing banks.
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