Bank Asia PLC has signed a participation agreement with Bangladesh Bank to provide loans to CMSME enterprises at concessional interest rates and on easy terms under the Tk5,000 crore Working Capital Refinance Fund for the CMSME sector.
The agreement signing ceremony was held on September 8, at the AN Hamidullah Conference Room at the Bangladesh Bank head office.
Md Anis Ur Rahman, deputy governor of Bangladesh Bank, attended the ceremony as chief guest.
Md Zabdul Islam, director of the SME & Special Programs Department of Bangladesh Bank and Syed Zulkar Nayen, deputy managing director of Bank Asia, exchanged agreement documents on behalf of their respective organizations.
Nahid Rahman, executive director, Shahanaj Pervin, additional director of Bangladesh Bank, and Mohammad Saifuddowla, head of small business of Bank Asia, were also present.
The fund has been established by Bangladesh Bank under the Tk60,000 crore stimulus package. The initiative aims to provide necessary working capital loans/investment to CMSME enterprises, enabling them to operate their production, service and business activities at full capacity.
It is also expected to contribute to creating direct and indirect employment and help accelerate the country’s economic recovery.
Under this fund, generally viable CMSME enterprises that are unable to operate at full capacity due to a shortage of working capital will be eligible for financing at an interest rate of 9%.
