Bangladesh Bank and BRAC Bank have signed an agreement to provide loan under refinancing facilities for the cottage, micro, small and medium enterprises (CMSMEs).
BRAC Bank has signed an agreement with Bangladesh Bank to become Participating Financial institution under the ‘Refinance Scheme against Term Loan to CMSME Sector’. Bangladesh Bank has set up a fund amounting to BDT 25,000 crore to be disbursed through the participating banks and non-bank financial institutions. Abdur Rouf Talukder, Governor, Bangladesh Bank, attended the Participation Agreement signing ceremony at Bangladesh Bank on Wednesday as the chief guest and Deputy Governor Abu Farah Md. Nasser was present as the special guest. Md. Jaker Hossain, Director, SME & Special Programmes Department, Bangladesh; and Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, signed the agreement on behalf of their respective organizations. Abu Farah Md. Nasser, Deputy Governor, Bangladesh Bank; and Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, and other senior officials of Bangladesh Bank and other banks were also present.
As per terms of the refinancing scheme, BRAC Bank will provide loans at 7% to CMSMEs, especially in SME clusters, with a particular focus on women entrepreneurs and business owners affected by natural calamities.
Being the leading collateral-free CMSME financer in the country, BRAC Bank has always been committed to CMSME sector, which is the lifeblood of the economy and vital to employment generation and invigorating the country’s growth engine.
