Bangladesh Bank and BRAC Bank have signed an agreement to provide refinancing facilities to the cottage, micro and small enterprises (CMSEs) run by returnee migrant workers, unemployed youth, and rural entrepreneurs and women business owners.
BRAC Bank has signed an agreement with Bangladesh Bank to become Participating Financial institution under the ‘Supporting Post Covid-19 Small Scale Employment Creation Project’ funded Asian Development Bank (ADB).
Nurun Nahar, Executive Director & Project Director, Supporting Post Covid-19 Small Scale Employment Creation Project, Bangladesh Bank; and Selim R. F. Hussain, Managing Director & CEO of BRAC Bank, signed the agreement at Bangladesh Bank Head Office in Dhaka on May 25, 2022.
Abu Farah Md. Nasser, Deputy Governor, Bangladesh Bank, was present during the signing ceremony. Md. Obaidul Hoque, Executive Director, SME & Special Programmes Department, Bangladesh Bank; Md. Jaker Hossain, General Manager, SME & Special Programmes Department, Bangladesh Bank; and Dongdong Zhang, Principal Financial Sector Specialist, Asian Development Bank (ADB), and Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, BRAC Bank, were also present.
Under the agreement, BRAC Bank and other participating banks and financial institutions will avail of refinancing facilities amounting to BDT 1,290 Crore from Bangladesh Bank and provide subsidized interest credit to the businesses. An entrepreneur can avail of up to BDT 50 lakh loan for five years.
