PROJECT

Projects

Summary of Investment Information

Project Number

39686

Company Name

BANK ASIA PLC

Date SPI Disclosed

May 2, 2017

Country

Bangladesh

Region

South Asia

Projected Board Date

Jun 2, 2017

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Jun 8, 2017
Signed : Jun 14, 2017
Invested : Jun 20, 2017

Sector

Commercial Banking - General

Project Description

The project consists of a short-term loan (Working Capital Solutions, WCS) for up to $40 million to Bank Asia Ltd. (the Bank or Bank Asia) to support the foreign currency needs of small and medium enterprises (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 was incorporated on September 28, 1999 and has total assets of $3.2 billion as of December 31, 2016.


Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation