The International Finance Corporation (IFC) has committed $791 million to support Bangladesh’s businesses amidst the coronavirus pandemic.
The sum is an increase of almost 33 per cent from last year, the private sector lending arm of the World Bank Group said in a press release yesterday.
Working capital facilities for financial institutions, mobile financial services, agribusiness, garment, telecom and e-logistics fall within the 2021 commitment, according to the IFC.
Amid a challenging year with massive and ongoing social and economic disruptions caused by Covid-19, the IFC committed more than $3.8 billion in South Asia as of June 2021.
“The Covid-19 crisis has drastically impacted the region’s private sector, which has severely affected the most vulnerable people,” said Alfonso Garcia Mora, vice-resident of the IFC for Asia and the Pacific region.