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ADB approves $50m for Covid-hit small businesses in Bangladesh

08 Dec 2020 12:04, Somoy English Desk
ADB approves $50m for Covid-hit small businesses in Bangladesh
ADB approves $50m for Covid-hit small businesses in Bangladesh

The Asian Development Bank (ADB) has approved a $50 million loan to help restore the economic activities of microenterprises in Bangladesh hit hard by the coronavirus pandemic.

The loan will be disbursed through Palli Karma-Sahayak Foundation (PKSF), said an ADB press release on Tuesday.

Under the ongoing project, the PKSF has so far provided loans to 39,580 microenterprises through its 77 partner organisations, generating 91,430 jobs in rural areas.

"This additional financing will supplement the ongoing project by injecting liquidity in the rural economy by providing cheaper financing to microenterprises, helping them continue their business and retain their employees, especially women entrepreneurs who have been heavily hit by the pandemic," said ADB Principal Country Specialist for Bangladesh Jyotsana Varma.

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