PROJECT

Projects

Summary of Investment Information

Project Number

36870

Company Name

CITY BANK PLC

Date SPI Disclosed

Apr 30, 2015

Country

Bangladesh

Region

South Asia

Projected Board Date

Jun 15, 2015

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Feb 19, 2016
Signed : May 29, 2016
Invested : Jun 10, 2016

Sector

Commercial Banking - SME Finance

Project Description

The project consists of providing a Short-Term Loan (WCSS) for the amount of up to US$35 million (for a tenor of 12 months, renewable up to four times at IFC’s option for an additional 48 months, for a maximum aggregate period of up to 60 months) to The City Bank Limited (the “Bank” or “City Bank”) to support the foreign currency needs of SMEs in Bangladesh. The financing provided is a fit with the World Bank and IFC strategy of promoting economic growth by providing access to finance to underserved market segments and promoting international trade, thereby leading to improved competitiveness, job retention and creation.

The Bank commenced operations from 27th March 1983 and has total assets of US$2.27 billion as of December 31, 2014.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation