Initiatives have been taken to amend the "Distressed Asset Management Act" and the "Money Loan Court Act" to allow for judicial settlement within six months in order to curb defaulted loans and money laundering, announced Bangladesh Bank governor Md Mostaqur Rahman.
He stated that agreements are being made at the international level to identify and freeze assets laundered out of the country.
Additionally, 11 special joint investigation teams have been formed on the initiative of Bangladesh Bank.
He made these remarks as the chief guest at an exchange-of-views meeting titled "Implementation of Incentive Packages Announced by Bangladesh Bank for Private Sector Development" held at Bangladesh Agricultural University (BAU) on Saturday (September 26).
The event was organized at the university's Syed Nazrul Islam Conference Hall under the initiative of Bangladesh Bank to raise public awareness and inform stakeholders about the package.
Regarding the recovery of the country's fragile economy, Mostaqur Rahman noted that except for foreign exchange reserves, almost all economic indicators were in a risky and negative state when he assumed office.
Multiple special plans have been undertaken for economic recovery and bringing back laundered money. At the same time, effective measures are being taken to address irregularities and looting in the banking sector.
Regarding the distribution of low-interest funds, he stated that idle bank deposits are being utilized to provide funds at 4% interest.
These funds will be distributed to the SME and agriculture sectors at interest rates between 7% and 8%.
Furthermore, the process of launching a new fund to create young entrepreneurs is underway.
Plans include offering entrepreneurs a 50% grant and loans at interest rates of 4% to 5%.
Beneficiaries will be selected through a completely transparent process involving successful private sector entrepreneurs.
In the first session of the event, attendees were briefed on the incentive package announced by Bangladesh Bank, followed by an open Q&A session where bank officials and entrepreneurs from various levels raised their issues and inquiries.
During the meeting, organizers detailed the bank-announced incentive package, stating that this entrepreneur search program will initially be conducted across 64 upazilas from 8 divisions.
Ten individuals will be identified initially from each upazila, totaling 640. Phased over time, a total of 5,000 young entrepreneurs will be brought under this financing scheme.
Based on their needs, entrepreneurs will receive a financing package of up to maximum Tk20 lakh at a profit rate of 4% to 7%, comprising 50% bank loan and 50% grant.
Presided over by Md Arifuzzaman, executive director of Bangladesh Bank's Mymensingh region, special guests included Prof GM Mujibur Rahman, student affairs adviser of the university, and SM Humayun Kabir Sarkar, Mymensingh Divisional Commissioner.
Faculty members from various university departments, senior bank officials, and entrepreneurs from different areas of Mymensingh were also present at the event.
