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IFC provides $50m to Prime Bank to support trade, forex liquidity

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To support export and import-based businesses to cope with global uncertainties brought on by the COVID-19 pandemic, IFC is providing $50 million to Prime Bank Limited in Bangladesh. 

This IFC funding will support working capital, trade finance, and foreign exchange liquidity needs of export and import based entities borrowing through Prime Bank’s Offshore Banking Unit.

The financing package is part of IFC’s ‘Fast Track COVID-19 Facility,’ a package designed to support countries and private sectors to cope with the impacts of the pandemic under the Working Capital Solutions (WCS) program, said a press release.

This IFC engagement with Prime Bank will also be supported by the International Development Association’s Private Sector Window Blended Finance Facility.

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Commercial banks are the largest providers of working capital and foreign exchange trade finance support to manufacturing and infrastructure businesses, key drivers of Bangladesh’s economy. 

Unexpected turbulence in the global markets because of the Russian invasion of Ukraine and the resulting war has restrained foreign exchange liquidity in the market. With this funding, Prime Bank is expected to extend loans to its export and import-based customers, helping keep businesses afloat, resume exports and preserve jobs.

“IFC’s support reflect resilience of Bangladesh economy and confidence on Prime Bank. IFC has been a valuable partner of Prime Bank since 2014 and this relationship helps us to significantly expand our OBU business. We are really thankful to IFC for its continued support. This fresh funding of USD 50 Million targeted for SME clients will help us to grow SME portfolio of the bank,” said Managing Director & CEO of Prime Bank Hassan O. Rashid.

Prime Bank is one of the leading private-sector commercial banks in Bangladesh. It was awarded the “2021 Best Bank Partner for Equipment Trade in South Asia” by IFC under its Global Trade Finance Program (GTFP). 

This project is IFC’s 4th WCS facility to Prime Bank, supporting a long-standing partner bank’s ability to provide critical financing services and promote the resilience of the trade finance market in Bangladesh. 

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“It is clear the impacts of COVID-19 are still being felt by a number of businesses in Bangladesh’s key industries, effectively constraining their operating ability,” said Allen Forlemu, Regional Industry Director, Financial Institutions Group, IFC. 

“This funding package is designed specifically to help ensure businesses in Bangladesh can continue to trade and have access to working capital, helping them maintain operations and preserve jobs. Small and medium-sized businesses, which are the backbone of the country, and have been particularly impacted by the pandemic, are expected to benefit the most from this IFC funding.” Added Allen.

IFC has provided a total of $310 million in working capital solutions to banks in Bangladesh and liquidity support to companies since the beginning of the COVID-19 crisis, including this new funding to Prime Bank.

Since 2010, IFC has invested over $3.6 billion to help private sector grow in Bangladesh, creating jobs for the country’s people.

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PriyoShop Secures Top 30 Spot in Prestigious StartUp Wheel Competition

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PriyoShop has taken the Bangladesh flag to new heights by securing a Top 30 spot in Startup Wheel 2025, one of Asia’s most competitive startup competitions in Vietnam, competing against 2,144 startups from 28 countries. With this milestone, Bangladesh has established itself as a significant player in the global startup ecosystem through PriyoShop.

This achievement shows that Bangladesh is growing fast in the digital world and becoming a strong player in retail innovation. PriyoShop stood alongside top startups from countries like Taiwan, South Korea, Malaysia, Singapore, Cambodia, and Indonesia. After six months of tough evaluation, PriyoShop was chosen as one of the most promising international innovators sharing our mission, vision, and real stories about Bangladesh’s retail industry with the world.

Asikul Alam Khan, CEO of PriyoShop, expressed his enthusiasm about the recognition: “This is a significant success for the PriyoShop Team. We have impacted millions of retailers by simplifying the supply chain and empowering them with embedded credit. Through us, Bangladesh will always stand high on the global stage. This recognition provides access to create a global footprint and inspires young entrepreneurs to bring innovative ideas and create international standard startups.”

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As PriyoShop advances, the company remains committed to transforming Bangladesh’s retail landscape while inspiring the aspiring entrepreneurs across the region. The journey from local startup to consistent international recognition exemplifies the potential within Bangladesh’s growing retail sector and demonstrates how innovative solutions can have an impact both locally and globally.

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Bajloor Rashid Elected Chairman, Mezanur Rahman Elected Vice Chairman of Progressive Life Insurance

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In a recently held board meeting of Progressive Life Insurance Company Limited, a renowned listed insurance company in the country’s capital market, Bajloor Rashid MBE, was elected as Chairman and Mezanur Rahman as Vice Chairman.
The formal election took place at the 203rd board meeting of the company held on Sunday, 29 June 2025, for the term 2025-2026.

Bajloor Rashid MBE, is a distinguished and successful businessman and social worker. He is also one of the founding shareholders of Progressive Life Insurance Company Limited. In the early 1980s, he established himself as an ambitious young entrepreneur in the growing catering industry. Notably, from 2006 to 2012, he served successfully as the President of the UK-based association of catering restaurant owners.

On the other hand, the newly elected Vice Chairman, Mezanur Rahman, is an established and successful businessman. He is a founding director and former Vice Chairman of Progressive Life Insurance Company Limited. He holds a degree in Architecture from Leeds Metropolitan University, United Kingdom. He is also actively involved with various humanitarian and social organizations.

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Progressive Life Insurance successfully settles claims totaling nearly Tk 40 crore in 2024

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Progressive Life Insurance Company Limited (PLICL) settled down insurance claims of approximately 40 (forty) crore taka in 2024 which has fortified clients’ confidence on the company. Progressive Life Insurance Company Limited entered 25th year on 6 January 2025. PLICL was founded on 6 January in the year 2000. Discussion programs, slicing a cake, offering dua and a colourful rally were organized to mark the company’s founding anniversary on Monday at PLICL corporate office in the capital. 

The rally moved around different parts of Dhaka city and the officials of the company held a gathering in front of PLICL head office on Monday morning at 10:30 am. 

PLICL Chairman (Acting) M Shoeb Chowdhury joined the 25th founding anniversary celebration virtually as the chief guest. M Shoeb Chowdhury said that the top management of Progressive Life Insurance Company Limited has been able to uphold the dream cherished by expatriate Bangladeshis whose contribution led to the establishment of the company. Shoeb Chowdhury laid emphasis on working with unity and solidarity for the company’s further advancement and to generate many more success stories.

PLICL Executive Committee Chairman Mezanur Rahman , Chairman of Audit Committee Dr. Md. Jamil Sharif, PhD, FCMA and former entrepreneur Prodeep Sen also attended the program. The event was presided over by the company’s Chief Executive Officer (CEO) Md. Saidul Amin. The 25th founding anniversary of Progressive Life Insurance Company Limited was celebrated in 32 districts and divisional offices across Bangladesh. Senior officials of the insurance company expressed hope and determination to transform PLICL into a top notch institution in days to come. The speakers at the program stated that Progressive Life Insurance Company Limited appointed 1200 development officers in 2024 and training courses have been initiated to upgrade their skills.

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PLICL Deputy Managing Director (DMD) Mohammad Hossain Shaheed Suhrawardy, Senior DMD Shahjahan Azadi, Company Secretary Abdullah Al Mansur and Senior DMD Jaseem Uddin Prodhan addressed the program among other dignitaries.

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