Pubali Bank PLC. has joined the Tk3,000 crore ‘Export Diversification Refinance Scheme’ introduced by Bangladesh Bank with the objective of reducing the country’s export dependence on the Ready-Made Garments (RMG) sector and promoting export diversification.
To this end, Pubali Bank PLC signed a Participation Agreement with Bangladesh Bank at a ceremony held at the Bangladesh Bank head office.
The signing ceremony was attended by Bangladesh Bank’s Sustainable Finance Department Director AKM Nurunnabi, Pubali Bank PLC.’s managing Director Mohammad Ali, deputy managing director Mohammad Isha, and general manager & head of RMG Division Md Nazrul Islam Sarker along with senior officials of both institutions.
The scheme aims to broaden the country’s export base, enhance the production capacity of promising export-oriented industries, facilitate the development of new export products and markets, and strengthen the overall competitiveness of the export sector.
Under the Export Policy 2024–2027, industries categorized as ‘Highest Priority Sectors’ and ‘Special Development Sectors’ will be eligible for financing under the scheme.
Priority will also be given to exporters using locally produced raw materials.
Under the scheme, Bangladesh Bank will provide refinancing facilities to participating banks at an interest rate of 4%, while eligible exporters will be able to obtain financing through banks at a maximum interest rate of 7%.
The refinancing facility will have a maximum tenure of three years, including a grace period of up to six months.
Through its participation in the scheme, Pubali Bank will further strengthen its role in extending financing on favourable terms to promising export-oriented industries and supporting the development of new and potential export sectors beyond the country’s traditional export base.
The initiative is also expected to contribute to export diversification, increased foreign exchange earnings, enhanced export competitiveness and the creation of new employment opportunities.
