ADB approves $50 million in loans for microenterprises in Bangladesh
The Asian Development Bank (ADB) has approved a 50-million US dollar loan to help restore the economic activities of microenterprises in Bangladesh, which have been severely affected by the coronavirus (Covid-19) pandemic.
According to ADB statement, the loan will scale up the ongoing Microenterprise Development Project, approved by ADB in 2018 to provide a 50 million US dollar credit line to Palli Karma Sahayak Foundation (PKSF), a government development finance and capacity building organisation, reports Xinhua.
Under the ongoing project, the PKSF, through its 77 partner organisations, has so far provided loans to 39,580 microenterprises, generating 91,430 jobs in rural areas, said the statement of the Manila-based lender on Tuesday.
The new credit line to the PKSF will provide loans to at least an additional 30,000 microenterprises affected by Covid-19, 70 per cent of which are women-led.