BRAC Bank and IFC launch home loan bond

BRAC Bank and International Finance Corporation have teamed up to launch the first-ever housing bond in Bangladesh, according to a press release.

Through this initiative, thousands of low- and middle-income urban and rural families in Bangladesh, often underserved by commercial banks, are expected to be able to access affordable home loans through IFC’s investment in the country’s first housing bond. countries issued by BRAC Bank. .

IFC will underwrite up to $50 million in Bangladeshi Taka Equivalent (BDT) in a five-year senior bond by BRAC Bank to fund and expand its affordable housing finance program. This move is expected to create thousands of new jobs in construction and related industries.

Selim RF Hussain, Managing Director and Managing Director of BRAC Bank, said: “This marks a brand new strategic priority for BRAC Bank, since our inception in 2001, with our goal of improving access to finance for small and medium sized businesses. underserved businesses. We, along with IFC, recognize that far too many low- and middle-income people simply cannot access the funds they need to buy a home. Now, people in semi-urban areas can also fulfill their dream of owning a home through our affordable home loan facilities.

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