The Microcredit Regulatory Authority (MRA) and the International Finance Corporation (IFC) have signed an agreement to support digital transformation in microcredit and expand housing loan facilities.
Under the program, IFC will finance capacity enhancement for microfinance institutions and the MRA, enabling them to offer short- and medium-term housing loans and digital financial services (DFS) in Bangladesh’s microfinance sector.
The MRA and the IFC signed the project agreement, worth around $350,000, at the MRA headquarters in Dhaka on Wednesday.
Prof Mohammed Helal Uddin, executive vice chairman of MRA, and Mehdi Cherkaoui, South Asia manager (FIG Upstream and Advisory) of IFC, signed the project document titled “Bangladesh Microfinance Sector Development (BMSD).”
Md Saeed Kutub, additional secretary, attended the event as the guest of honour, while Prof Mohammed Helal Uddin presided over the ceremony, which was attended by senior officials from the Ministry of Finance, Bangladesh Bank, CEOs and representatives of microfinance institutions, and officials from both the IFC and the MRA.
