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IFC Finances the City Bank to Help Bangladeshi Companies and Small and Medium Enterprises Impacted by COVID-19
IFC, a member of the World Bank Group, is providing a loan of up to $30 million to The City Bank Limited, a leading private commercial bank in Bangladesh, to provide financing for small and medium enterprises and corporate companies affected by the COVID-19 pandemic. This is expected to help keep their doors open and preserve jobs.
According to World Bank's South Asia Economic Focus 2020, growth in the country is expected to slow down to 3 percent in FY20 with declining garment exports, lower private investment growth, and broader disruptions caused by the pandemic.
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