StanChart to give Brac Tk100cr loan for micro-finance activities
Standard Chartered Bank and Brac, one of the largest micro-finance institutions in the world, have entered into an agreement under which the bank will extend Tk 100 crore facility to Brac as a revolving loan.Brac will use this fund for around six lakh people across Bangladesh through its micro-finance programme, says a press release. Ahmed A Shah, head of Client Relationships of Standard Chartered Bank, Bangladesh, and SN Kairy, director (Finance) of Brac, signed the deal on behalf of their organisations, while Osman Morad, CEO of Standard Chartered Bank, Bangladesh, and Md Aminul Alam, deputy executive director of Brac, among others, were present at the signing ceremony on Thursday in Dhaka. Brac has micro-finance operations in Afghanistan, Sri Lanka, Tanzania, Uganda and Pakistan and plans to expand operations in Rwanda, Malawi, Mozambique, Ghana and Nigeria.
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Standard Chartered Bank-Bangladesh and Brac have entered into an agreement under which the bank will extend Tk 100 crore facility to Brac as a revolving loan. Ahmed A Shah, head of Client Relationships of the bank, and SN Kairy, director (Finance) of Brac, signed the deal on Thursday in Dhaka, while Osman Morad, CEO of the bank, and Md Aminul Alam, deputy executive director of Brac, among others, were present at the signing ceremony. PHOTO: Standard Chartered |
