Business

BB, BRAC Bank to work together on refinancing migrant workers, CMSEs


Published : 26 May 2022 08:59 PM

Bangladesh Bank and BRAC Bank have signed an agreement to provide refinancing facilities to the cottage, micro and small enterprises (CMSEs) run by returnee migrant workers, unemployed youth, and rural entrepreneurs and women business owners. 

BRAC Bank has signed an agreement with Bangladesh Bank to become Participating Financial institution under the ‘Supporting Post Covid-19 Small Scale Employment Creation Project’ funded Asian Development Bank (ADB). 

Nurun Nahar, Executive Director & Project Director, Supporting Post Covid-19 Small Scale Employment Creation Project, Bangladesh Bank; and Selim R. F. Hussain, Managing Director & CEO of BRAC Bank, signed the agreement at Bangladesh Bank Head Office in Dhaka on Wednesday.  Abu Farah Md. Nasser, Deputy Governor, Bangladesh Bank, was present during the signing ceremony.  Md. Obaidul Hoque, Executive Director, SME & Special Programmes Department, Bangladesh Bank; Md. Jaker Hossain, GM, SME & Special Programmes Department, Bangladesh Bank; and Dongdong Zhang, Principal Financial Sector Specialist, ADB, and Syed Abdul Momen, DMD & Head of SME Banking, BRAC Bank, were also present.

Under the agreement, BRAC Bank and other participating banks and financial institutions will avail of refinancing facilities amounting to BDT 1,290 Crore from Bangladesh Bank and provide subsidized interest credit to the businesses. An entrepreneur can avail of up to BDT 50 lakh loan for five years.   Welcoming the refinancing facility, Selim R. F. Hussain, Managing Director & CEO of BRAC Bank, said: "We appreciate Bangladesh Bank for making BRAC Bank an implementation partner of ADB-funded Supporting Post Covid-19 Small Scale Employment Creation Project..”