In a first in the banking sector, BRAC Bank has introduced water supply and sanitation financing in collaboration with Water.org and its microfinance partners. Water.org is a global nonprofit organization working to bring water and sanitation to the world as stated in press release.
The bank formally marked the launching through a ceremony titled ‘Improving Lives through Water Supply and Sanitation’ at Lakeshore Hotel on October 16, 2024. The ceremony was a networking session for Microfinance Institutions (MFIs) and Water.org as they shared knowledge, exchanged ideas, and discussed innovative solutions.
The groundbreaking initiative aims to extend financial support to rural communities to access safely managed water and sanitation products, collaborate with technology partners to introduce advanced solutions, improve the quality of water and sanitation services, and offer financial assistance to SMEs in the water and sanitation sector to foster development and sustainability.
Selim R. F. Hussain, Managing Director & CEO, BRAC Bank; Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, BRAC Bank; Manoj Gulati, Regional Director, South Asia, Water.org; Tapos Kumar Roy, Head of MFI & Agriculture Financing, BRAC Bank; and senior officials of partner microfinance institutions attended the ceremony.
Syed Abdul Momen; DMD & Head of SME Banking, BRAC Bank, Sajid Amit, Executive Director, South Asia, Water. Org; S. M. A. Rakib, Coordinator-Special Program, Buro Bangladesh; and M Rezaul Karim Chowdhury; Executive Director, COAST Foundation; took part in a panel discussion on “The Road Ahead: Unlocking New Avenues for Water & Sanitation Financing in Bangladesh”. Mohammad Jakirul Islam, Head of SME Strategy, Innovation & New Business, BRAC Bank, moderated the session.
Representatives from Water.org presented successful case studies and provided insights into scalable, sustainable water and sanitation models. The panel discussion highlighted innovative financing for water projects, sanitation solutions, the role of technology in enhancing water supply systems, and the power of industry collaboration.
BRAC Bank will develop a separate portfolio under SME financing dedicated to Water and Sanitation program through its partnered microfinance institutes and other SME financing channels for ensuring safely managed Water and Sanitation facilities.
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