Prime Bank secures $20m term loan from German investor

Prime Bank PLC has signed a $20 million term loan agreement with the Invest In Visions Microfinance Fund, a Germany-based impact investor.

Carlos De las Salas Vega, chief investment officer of the Invest In Visions Microfinance Fund, and Hassan O Rashid, chief executive officer of Prime Bank PLC, signed the agreement at a ceremony recently held in Frankfurt, Germany, according to a press release.

The funding will be strategically deployed by Prime Bank for on-lending to micro, small and medium enterprises (MSMEs) across Bangladesh.

The initiative underscores Prime Bank's commitment to promoting financial inclusion and supporting economic growth by strengthening the country's MSME sector, widely regarded as the backbone of the economy.

Established in 1995, Prime Bank has a longstanding record of accomplishment of providing impact-driven banking services to corporate, MSME and retail customers through both conventional and Islamic banking modes.

Shams Abdullah Muhaimin, deputy managing director of the bank, was also present, along with other senior executives from both organisations.