Bangladesh Bank has recognized BRAC Bank for its outstanding role in execution of the first phase of Covid-19 CMSME Stimulus Package in FY 2020-2021.
Bangladesh Bank Governor Fazle Kabir handed over a certificate of acknowledgement to BRAC Bank’s Deputy Managing Director and Chief Operating Officer Md. Sabbir Hossain at a programme at Jahangir Alam Conference Hall of Bangladesh Bank on Tuesday (December 28, 2021.)
The government declared a stimulus package of BDT 20,000 crore to help Cottage, Micro, Small and Medium Enterprises (CMSME) recover from the pandemic despair. BRAC Bank fulfilled incremental target of BDT 1,500 crore in the first phase (April 2020-June 2021), which is the highest in the industry.
In the second phase (July 2021-June 2022), BRAC Bank has already disbursed BDT 893 crore as against a target of BDT 1,400 crore.
The bank made efforts to support micro, small and medium businesses severely affected by the Covid-19 pandemic. The financing with subsidized interest rate significantly helped the businesses to overcome the losses due to the COVID pandemic. This easy term credit helps the CMSMEs make a robust comeback after the unprecedented disruption to business due to the outbreak.
Being the country’s largest collateral free SME finance, BRAC Bank has always been dedicated to CMSME sector, which is the lifeblood of the economy and vital to employment generation and stimulating the country’s growth. The bank’s widespread SME network and large team enabled the bank to reach the highest target in incentive loan disbursement.
Appreciating Bangladesh Bank , BRAC Bank’s Managing Director and CEO Selim R. F. Hussain said, “We appreciate Bangladesh Bank for keeping confidence in BRAC Bank by conveying us with incremental target under the stimulus package. We express our appreciation for continuous guidance and policy support that was instrumental in fulfilling the target.”
“As an SME-focused bank, BRAC Bank is devoted to ensure access to finance to the entrepreneurs at the grassroots level. In the context of the pandemic, we have intensified our efforts to provide much-needed fund to the small and medium entrepreneurs. We believe this subsidized credit under the CMSME stimulus package will revitalize the industries and help them attain productivity to the pre- pandemic level,” he added.
With more than 1.1 million customers the bank has already proved to be the largest collateral-free SME financier in just 20 years of its operation in Bangladesh and continues to serve as an index for governance, transparency and compliance in the banking sector.
