City Bank gets IFC’s funds for Covid-19-hit SMEs’ trade financing | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
City Bank gets IFC’s funds for Covid-19-hit SMEs’ trade financing

Banking

TBS Report
18 July, 2020, 01:10 pm
Last modified: 18 July, 2020, 09:48 pm

Related News

  • Cenbank recognises 10 banks, 2 NBFIs as sustainable financial institutions
  • Stricter provisioning on losses from share, bond, and subsidiary investments by financial institutions
  • City Bank and IBA partners to launch executive leadership development programme
  • City Bank hosts national bamlco conference
  • City Bank holds 42nd AGM, declares 25% dividend

City Bank gets IFC’s funds for Covid-19-hit SMEs’ trade financing

This financing package will support the working capital, trade finance and foreign exchange liquidity needs of sub-borrowers through The City Bank’s offshore banking units

TBS Report
18 July, 2020, 01:10 pm
Last modified: 18 July, 2020, 09:48 pm
Sheikh Mahammad Maroof, Additional Managing Director of City Bank and Nuzhat Anwar, IFC Senior Country Officer in Bangladesh signed the agreement of their respective organizations.
Sheikh Mahammad Maroof, Additional Managing Director of City Bank and Nuzhat Anwar, IFC Senior Country Officer in Bangladesh signed the agreement of their respective organizations.

The International Finance Corporation (IFC), a member of the World Bank Group, is providing funds to The City Bank, up to $30 million, to provide financing for small and medium enterprises as well as corporate companies affected by the Covid-19 pandemic.

This financing package will support working capital, trade finance and foreign exchange liquidity needs of sub-borrowers through The City Bank's offshore banking unit.

Sheikh Mohammad Maroof, additional managing director (AMD) of The City Bank told The Business Standard, "The fund will help to increase the foreign currency liquidity of the bank."

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"Business entities which require short-term foreign currency financing – either as trade finance or as short term loans – due to their cash flow mismatch because of the pandemic will benefit from this facility," he added.

Business entities can manage their cash flow mismatch through this facility at a competitive rate, according to The City Bank AMD.

The financing package is part of the IFC's $8 billion global Covid-19 fast-track financing facility, which aims to help companies stay in business.

This investment comes under the Working Capital Solutions (WCS) program of the Covid-19 response envelope, which provides $2 billion globally to emerging-market banks. This allows them to extend credit so firms can cover expenses and pay their employees.

Sheikh Mohammad Maroof said "The IFC played a vital role in strengthening the foreign currency financing ability and offshore banking business of The City Bank."

"We believe that the Covid-19 WCS fund has further strengthened our ability to meet our customers' foreign currency financing requirements in this pandemic – where we have experienced contraction in foreign currency liquidity outside Bangladesh," he added.

Since 2017, the IFC has been a shareholder of The City Bank, a leading private commercial bank in the country and a long-standing client of IFC.

Wendy Werner, IFC country manager for Bangladesh, Bhutan and Nepal, said, "Our experience from past crises has shown that keeping small and medium enterprises solvent is vital to saving jobs and limiting economic damage."

She further said, "Through the IFC's fast-track Covid-19 facility, we hope to support The City Bank to lend to businesses whose cash flows have been disrupted by the global outbreak."

On June 30 this year, Sheikh Mahammad Maroof, AMD of The City Bank and Nuzhat Anwar, IFC senior country officer in Bangladesh, signed the agreement on behalf of their respective organisations.

City Bank / Finance / IFC / COVID-19 in Bangladesh

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • TBS Illustration
    Dhaka proposes third-round tariff talks on Sunday, awaits US response
  • The Government Seal of Bangladesh
    Govt mulls allowing trade unions with 20 workers, industry leaders warn of disorder
  • Photo: CA Press Wing
    Stronger stance needed on maintaining law and order: Political parties to CA

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Why Bangladesh's capital market is poised for a bull run
    Why Bangladesh's capital market is poised for a bull run
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Exim Bank's former chairman Nazrul Islam Majumder being taken to court on 22 July 2025. Photo: Collected
    Will repay all money if granted bail, won’t run away, ex-Exim Bank chair Nazrul tells court

Related News

  • Cenbank recognises 10 banks, 2 NBFIs as sustainable financial institutions
  • Stricter provisioning on losses from share, bond, and subsidiary investments by financial institutions
  • City Bank and IBA partners to launch executive leadership development programme
  • City Bank hosts national bamlco conference
  • City Bank holds 42nd AGM, declares 25% dividend

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

20h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

14h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

Six unidentified bodies are yet to be identified

Six unidentified bodies are yet to be identified

1h | TBS Today
32 killed in warplane crash in Milestone, live from Burn Institute

32 killed in warplane crash in Milestone, live from Burn Institute

2h | TBS Today
What information did the director of the NBPSI give about the admitted patients?

What information did the director of the NBPSI give about the admitted patients?

13h | TBS Today
India is sending specialist doctors, nurses and equipment to treat burn victims

India is sending specialist doctors, nurses and equipment to treat burn victims

4h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net