IFC, an arm of the World Bank, has led a $345 million financial package for Grameenphone, Bangladesh’s leading mobile operator. The backing will enable Grameenphone to expand its coverage in rural areas.

IFC is leading a consortium of lenders including Proparco, DEG, FMO, CDC and OFID, all of which are development-focused financial institutions. The one commercial institution involved is Standard Chartered Bank.

IFC’s own commitment is $150 million. The total package is one of the largest private sector packages in Bangladesh, according to IFC.

“The potential to expand telecom services in Bangladesh is huge and IFC’s financing will be crucial in helping us improve connectivity and coverage in rural areas, boosting digital inclusion,” said Vivek Sood (pictured), CEO of Grameenphone.

Grameenphone has a total of 44 million subscribers, according to GSMA Intelligence (Q2, 2013 figures).