ImpactAlpha, October 2 – The U.K.’s development finance institution CDC is aiming to invest $1.7 billion in Asia in support of the U.N. Sustainable Development Goals by 2021. Its latest effort toward that goal: a $30 million loan to BRAC Bank, Bangladesh’s largest commercial bank.
BRAC Bank currently serves 1.2 million commercial, retail and small business customers across Bangladesh. The loan will increase BRAC’s business lending capacity to “accelerate their growth, advance employment and positively contribute to Bangladesh’s economy,” according to CDC.
It will also help the bank develop personal finance and women-focused product lines.
The investment tracks with the CDC’s decision to establish a permanent presence in Bangladesh, where it has committed $205 million over the past decade. “Bangladesh is a real area of interest for us, we have some exciting partnerships in the pipeline,” CDC said in a statement.