Prime Bank secures EUR 20m loan to expand MSME financing
The facility, signed in
Dhaka on September 26, will be used to provide eligible businesses with funding
for expansion, investment and working capital requirements, according to the
bank.
The financing is expected
to strengthen Prime Bank’s ability to offer tailored credit solutions to MSMEs,
a major source of employment and entrepreneurial activity in Bangladesh.
Prime Bank CEO Faisal
Rahman, Deputy Managing Director Shams Abdullah Muhaimin and OeEB Senior
Investment Officer Ilka Vogel attended the signing ceremony at the bank’s head
office in Dhaka.
The agreement forms part
of OeEB and Prime Bank’s efforts to improve access to finance while supporting
sustainable private-sector development in Bangladesh. OeEB, the Development
Bank of Austria, finances projects in developing and emerging markets with a
focus on sustainable economic impact.
Prime Bank said the new
funding would complement its existing services for businesses of different
sizes, including conventional and Islamic banking products.
The bank said the
facility would help it respond to changing financing needs among MSMEs and
widen access to business capital.
The agreement comes as
financing availability remains an important factor for smaller businesses
seeking to expand operations, invest in new capacity and manage day-to-day
working capital.
