Dhaka Bank to get $55m from IFC for expansion

Dhaka Bank has recently signed $55 million facilities agreements with International Finance Corporation.

IFC will be providing $20 million working capital solutions facility to Dhaka Bank's offshore banking unit for expanding its foothold in SME-based export sector, Dhaka Bank said in a statement yesterday.

The rest $35 million guarantee facility will be provided under the Global Trade Finance Programme (GTFP).

The $5 billion GTFP of IFC extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.

Syed Mahbubur Rahman, CEO of Dhaka Bank, and Ariane Di Iorio, regional industry manager for the financial institutions group at IFC South Asia, inked the deals at a programme at the corporate office of the bank in Dhaka.