PRESS RELEASE
Oslo (Norway) and Dhaka (Bangladesh), 25 June 2014
We are pleased to inform that Norfund this month disbursed a USD 10 million
senior loan to support BRAC Bank, a leading SME bank in Bangladesh.
BRAC Bank is a portfolio investment of Norfund since 2010 and the only commercial
bank in which Small and Medium sized Enterprises (SME) comprise the core target
markets of the Bank.
-SME growth is an important engine for job creation and poverty reduction in
developing countries, says Kjell Roland, CEO in Norfund. BRAC Bank is considered the
market leader within SME- financing in Bangladesh and is an important partner for
Norfund.
A main strategic focus of the bank is to supply bank products and services to areas
of the country where smaller companies today have no access to finance. 60 million
enterprises are believed not to have access to finance in Bangladesh.
“This deal marks the beginning of a long lasting partnership with Norfund. The loan
of Norfund will certainly enable us to onward finance and support our export
oriented local enterprises. With our extensive distribution network, we would like
to extend financial services to our SME segment who are the driving force of our
economic growth,” says Syed Mahbubur Rahman, Managing Director & CEO, BRAC
Bank.
About BRAC Bank
BRAC Bank started its journey in 2001 and in just 14 years proved to be country's
fastest growing bank. Today, the bank has 166 Branches, SME Service Centers,
SME/Krishi Branches and 458 SME Unit offices across the country.
BRAC Bank has more than 1.5 million customers and more than 100,000 SME
borrowers, with around USD 1.5 billion in loan assets.
BRAC Bank is also a majority shareholder of bKash, one of the world’s most dynamic
mobile banking payment platform with around 10 million active users.
http://www.bracbank.com/
About Norfund
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Norfund – the Norwegian Investment Fund for Developing Countries – invests in the
establishment and development of profitable and sustainable enterprises in
developing countries. The aim is to contribute to economic growth and poverty
reduction. Norfund is owned by the Norwegian Government and serves as a key
instrument in Norwegian development policy. Norfund always invests with
partners, Norwegian or foreign, the main sectors for investment being renewable
energy, agribusiness and financial institutions. Eastern and Southern Africa are the
most important regions, and Norfund has offices in Johannesburg, Nairobi and
Maputo. Additionally, Norfund invests in selected countries in South and Southeast
Asia and Central America with regional offices in San José and Bangkok. By end
2014, Norfund had a portfolio of about USD 1.6 billion and around 56 employees.
www.norfund.no
CONTACT INFORMATION – BRAC BANK
Name: Zara Jabeen Mahbub
Tel: +88 01730333030
Email: zarajabeen.mahbub@bracbank.com
CONTACT INFORMATION - NORFUND
Inger B-A Nygaard (Press inquiries)
Tel: +47 47701248
Email: inger.nygaard@norfund.no
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