BRAC Bank, IFC sign deal to facilitate offshore banking

BRAC Bank Limited and International Finance Corporation (IFC), a World Bank Group concern, signed an agreement for the support and funding of the International Trade and Lending program for its Offshore Banking clients, reports BSS.  

Under this agreement, BRAC Bank will receive $40 million from IFC as Working Capital Solutions, said a media release yesterday.

Selim RF Hussain, Managing Director and CEO of BRAC Bank Limited, and Wendy Werner, Country Manager of IFC Bangladesh, exchanged documents of the agreement at BRAC Bank’s Head Office.

AK Joaddar, Deputy Managing Director and CFO, Shaheen Iqbal, Head of Treasury and Financial Institutions, Zara Jabeen Mahbub, Head of Communications, BRAC Bank, and Ehsanul Azim, Senior Investment Officer, FI Group, IFC, were also present.

This is a fresh line on top of existing $50 million term loan and non-funded line under Global Trade Finance Programme of IFC to BRAC Bank Limited.

BRAC Bank, IFC sign deal to facilitate offshore banking

BRAC Bank Limited and International Finance Corporation (IFC), a World Bank Group concern, signed an agreement for the support and funding of the International Trade and Lending program for its Offshore Banking clients, reports BSS. Under this agreement, BRAC Bank will receive $40 million from IFC as Working Capital Solutions, said a media release yesterday. Selim RF Hussain, Managing Director and CEO of BRAC Bank Limited, and Wendy Werner, Country Manager of IFC Bangladesh, exchanged documents of the agreement at BRAC Banks Head Office. AK Joaddar, Deputy Managing Director and CFO, Shaheen Iqbal, Head of Treasury and Financial Institutions, Zara Jabeen Mahbub, Head of Communications, BRAC Bank, and Ehsanul Azim, Senior Investment Officer, FI Group, IFC, were also present. This is a fresh line on top of existing $50 million term loan and non-funded line under Global Trade Finance Programme of IFC to BRAC Bank Limited.