IFC Finances the City Bank to Help Bangladeshi Companies and Small and Medium Enterprises Impacted by COVID-19
The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, which aims to help companies stay in business.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30 percent live below the national poverty line and insurance penetration is extremely low.
In this worldwide 'lockdown' situation enforced for preventing COVID-19, expatriate Bangladeshis are relying on online-to-wallet money transfer service to send remittance to their loved ones back home.
50 nations promised cash to fight Covid-19, but few, like India and Bangladesh, are doing it right. India’s trinity of Jan Dhan, Aadhaar, and mobile communications — or JAM — can work wonders if it is used extensively to reform citizen–state engagement.
According to the Asian Development Bank, the financial fallout from the ongoing coronavirus epidemic could potentially shrink Bangladesh's gross domestic product by as much as 1.1 percent or $3.02 billion.