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ITFC releases USD 15 mln to support SMEs in Bangladesh

Friday 12 June 2020 14:31 CET | News

The International Islamic Trade Finance Corporation (ITFC) has approved a USD 15 million Murabaha Financing Facility in favour of City Bank Limited in Bangladesh to support SMEs.

City Bank is the latest partner institution to work with ITFC as it expands its financing outreach to the private sector through local banks in Bangladesh. The financing comes at a time when SMEs in Bangladesh and other OIC member countries face the social and economic effects of the coronavirus pandemic, which has disrupted global trade and strained financial resources.

The financing and grants being rolled out by ITFC, as part of the IsDB Group COVID-19 Response Package, are supporting preparedness for the pandemic through the provision of medical supplies, staple foods and fertilizer for agricultural production to OIC countries including Bangladesh, Egypt, Kyrgyzstan, the Maldives, and Senegal.

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Keywords: ITFC, Murabaha Financing Facility, City Bank Limited, Bangladesh, SME, trade finance, financing, coronavirus, OIC, local banks, private sector, global trade, IsDB Group, Covid-19 Response Package, grants, pandemic
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Bangladesh
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Banking & Fintech