• Wednesday, May 19, 2021
  • Last Update : 01:11 am

ADB approves $50m to help Bangladeshi microenterprises amid pandemic

  • Published at 10:27 am December 8th, 2020
ADB
Photo showing the Asian Development Bank on the premise gate Collected

It will help provide loans to at least an additional 30,000 microenterprises affected by Covid-19, 70% of which are women-led

The Asian Development Bank (ADB) has approved a $50 million loan to help restore economic activities of microenterprises in Bangladesh, which have been severely hit by the Covid-19 pandemic.

The loan will scale up the ongoing Microenterprise Development Project, approved by ADB in 2018, to provide a $50 million credit line to Palli Karma Sahayak Foundation (PKSF), a government development finance and capacity building organization.

Under the ongoing project, the PKSF, through its 77 partner organizations, has so far provided loans to 39,580 microenterprises, generating 91,430 jobs in rural areas.

The new credit line to the PKSF will provide loans to at least an additional 30,000 microenterprises affected by Covid-19, 70% of which are women-led. The project will strengthen the capacity of 120 partner microfinance institutions in microenterprise lending, such as credit appraisal, pricing, and financial and portfolio management and monitoring.


Also read: Citizens Bank gets the final nod from Bangladesh Bank


It will expand the application of the pilot mobile-based microenterprise financing application to an additional 10,000 borrowers, which facilitates loan applications, disbursement, and collection. The project will identify three additional microenterprise products for expansion and support microenterprise cluster development.

“This additional financing will supplement the ongoing project by injecting liquidity in the rural economy by providing cheaper financing to microenterprises, helping them continue their business and retain their employees, especially women entrepreneurs who have been heavily hit by the pandemic,” said ADB Principal Country Specialist for Bangladesh Jyotsana Varma.

“The project will increase access to financing from microfinance institutions and further contribute to the growth of microenterprises in the country.”

59
Facebook 58
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail