“Key consultations address credit standing, risk mitigation frameworks, and regulatory oversight to establish a long-term refinancing facility in Bangladesh.”
DHAKA, BANGLADESH – August 20, 2026 – The International Finance Corporation (IFC) and the World Bank have successfully held consultations with Emerging Credit Rating Limited (ECRL) on Wednesday, August 19, 2026, at ECRL’s Dhaka headquarters. The high-level meeting is a key component of the ongoing joint feasibility study regarding the establishment of the Bangladesh Mortgage Refinance Company (BMRC).
The initiative is in response to a formal request from the Financial Institutions Division (FID) of the Ministry of Finance. The proposed BMRC is designed to deepen Bangladesh’s primary mortgage market by providing long-term refinancing to financial institutions, thereby mobilizing crucial capital market funding specifically dedicated to housing finance. The recent engagement was formally approved by the Economic Relations Division (ERD), Ministry of Finance.
The delegation team representing the joint initiative included key members from IFC, lead consulting firm Altair, and partner advisors:
- Ms. Sedef Gunsur, Senior Investment Officer & Practice Group Lead for Capital Markets, IFC Financial Institutions Group – Asia and Pacific, Upstream & Advisory
- Ms. Ayesha Baig, Senior Operations Officer, Financial Institutions Group, IFC
- Ms. Mushtari Manzoor, Associate Operations Officer, Financial Institutions Group (FIG) – Upstream and Advisory, IFC
- Mr. Olu Olanrewaju, Director, Altair
- Mr. Douglas Grayson, CPA, Managing Principal, DAJ Advisors
Representing ECRL in these critical deliberations was Mr. Arifur Rahman FCCA, FCA, CSAA, Chief Executive Officer, along with his senior team members Mr. Kazi Mohammad Saami Alam, Chief Rating Officer, Md. Rajiur Rahman FCCA, CPA, Vice President – Rating Operations and Mr. Md. Harun Chowdhury, Vice President – Rating Operations.
Strategic Issues and Key Consultation Themes
The technical discussions between the joint delegation, Altair, and ECRL focused on three strategic pillars essential for the operational and financial viability of the BMRC:
- Strengthening Credit Standing through DFI Support: Participants discussed whether government ownership and robust backing from major development finance institutions (DFIs)—including the IFC, World Bank, Asian Development Bank (ADB), and the Dutch Entrepreneurial Development Bank (FMO)—would significantly bolster the credit standing and ratings of the BMRC, ensuring cheaper access to institutional capital.
- Establishing Credit Protection Models: The meeting examined risk management structures, evaluating whether a full-recourse wholesale model and over-collateralization provisions would provide sufficient safeguards to protect the BMRC against potential credit losses on its refinance portfolios.
- Optimizing the Regulatory Framework: The delegation and ECRL rating specialists analyzed whether regulatory oversight should be led by Bangladesh Bank or the Ministry of Finance to ensure the BMRC is adequately regulated and aligned with national financial system standards.
Forward Outlook
The consultations in Dhaka, which span from August 16 through August 25, 2026, will feed directly into Altair’s final feasibility report. Establishing a dedicated Mortgage Refinance Company represents a critical milestone toward addressing housing finance gaps and enhancing long-term capital market tools in Bangladesh.