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IFC supports IDLC to expand access to banking for Small Businesses

IDLC NewInternational Finance Corporation (IFC), a member of the World Bank Group, will work with IDLC Finance Limited to promote access to banking services for small businesses by scaling up credit approval processes, and improving risk management and business development skills of IDLC’s frontline employees, reports UNB.

IFC’s advisory assistance will help IDLC implement an advanced credit scoring model based on credit portfolio data. This will reduce time needed to approve loans, decrease cost of loan sourcing, and ensure efficiency in operations.

IFC and IDLC will also conduct a special awareness-raising campaign for women entrepreneurs.

During the two-and-a-half-year project, IDLC will disburse 10,000 loans worth $ 370 million to small and medium enterprises (SMEs).

IFC will provide IDLC with SME-focused training on sales, credit, and client relationships. IDLC will build and run a call centre, ‘SME Helpline’, which small businesses can call for information on financial services or to discuss business and service-related issues.

“Being a market leader in the Bangladesh SME financing space, we continuously strive to reach and set global best standards in financing small and medium businesses. The cumulative average growth rate of 68 per cent of our SME portfolio over the last four years and our industry-best non-performing loan ratio is a testament to our efforts,” said Selim R.F. Hussain, Chief Executive Officer, IDLC Finance Bangladesh Limited, adding, “IFC is the right partner to help us further extend our SME financing operations.”

IFC works with financial partners in Bangladesh to help increase access to, and improve affordability of, finance for small enterprises. IFC supports product standardisation, new product development, risk management, business development, and automation, while promoting environment-friendly financing.

“IFC is keen to see a robust small and medium enterprises sector in Bangladesh. This partnership will enhance the skills of IDLC professionals specialising in small enterprises, enabling easier access to finance for Bangladeshi entrepreneurs,” said Kyle F.  Kelhofer, IFC Country Manager for Bangladesh, Nepal, and Bhutan.

IFC has a growing investment programme in Bangladesh. IFC’s advisory services focus on improving business operating environment. IFC works with the government to design and implement programmes to introduce business-friendly policies, laws and regulations, while strengthening the institutions that implement them.

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Source: Financial Express

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