HSBC facilitates Tk 612 crore social loan financing for Brac


Kevin Green, head of wholesale banking at HSBC Bangladesh, and Asif Saleh, chief executive of Brac, pose during an agreement signing ceremony in Dhaka August 1 under which Brac will get a social finance loan from 612 crore Tk. Photo: HSBC Bangladesh

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Kevin Green, head of wholesale banking at HSBC Bangladesh, and Asif Saleh, chief executive of Brac, pose during an agreement signing ceremony in Dhaka August 1 under which Brac will get a social finance loan from 612 crore Tk. Photo: HSBC Bangladesh

HSBC in Bangladesh facilitated social loan financing of Tk 612 crore for Brac to implement social development projects.

This is the second funding based on the principles of social lending (SLP) in the country, HSBC said in a statement.

“The groundbreaking agreement will open up many uncharted avenues of socio-economic development for the country’s marginal communities,” said Asif Saleh, Executive Director of Brac.

He spoke at a ceremony in Dhaka on August 1 when an agreement was signed in this regard.

Calling the deal historic, Md Mahbub ur Rahman, CEO of HSBC Bangladesh, said, “We are delighted to be able to extend our support with the social loan funding for Brac.

“This is part of our global commitment to sustainability and I would also like to thank Brac, the world’s largest non-governmental development organization, for partnering with us to ensure social support in the community. “

Highlighting the importance of environmental sustainability, Kevin Green, Head of Wholesale Banking at HSBC Bangladesh, said: “As part of our global sustainability ambition, we support environmentally and environmentally sustainable economic activities and enterprises. social.

“This social loan financing for Brac illustrates our dedication and ability to support companies on their ESG journey and reinforces our position as a market leader in sustainability.”

Social lending supports projects/initiatives aimed at alleviating or solving a specific social problem and/or seeking to achieve positive social outcomes, according to the statement.

These include, but are not limited to, the provision and/or promotion of affordable basic infrastructure, access to essential services (such as health and healthcare), affordable housing, the creation jobs through the potential effect of SME and microfinance financing, food security and socio-economic security. advancement and empowerment, he says.

Social lending is managed on the basis of the “Social Lending Principles” (SLP) which were introduced last year (2021).

From HSBC, the signing ceremony also attended Riaz Ahmed Chowdhury, CEO; Mahbub Reza, local business leader; Mahmud Hossain, national infrastructure and public sector manager; Jishan Shamsad, Head of Sustainable Finance; and Mashrur Hasan Khan, Vice President and Head of Relations.

The event was also attended by senior management and representatives from BRAC’s finance team.

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