Tuesday, 27 September, 2022
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BRAC Bank, BB sign deal on refinancing facility for CMSMEs

Bangladesh Bank and BRAC Bank on Wednesday signed an agreement to provide loan under refinancing facilities for the cottage, micro, small and medium enterprises (CMSMEs).

The BRAC Bank signed the agreement with the central bank under the ‘Refinance Scheme against Term Loan to CMSME Sector’, reports BSS.

Md Jaker Hossain, Director, SME & Special Programmes Department, Bangladesh Bank; and Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, signed the agreement on behalf of their respective organizations.

Abdur Rouf Talukder, Governor of Bangladesh Bank, attended the signing ceremony at Bangladesh Bank as the chief guest.

Abu Farah Md. Nasser, Deputy Governor of Bangladesh Bank and Syed Abdul Momen, Deputy Managing Director and Head of SME Banking of BRAC Bank, and other senior officials of Bangladesh Bank and other banks were also present, said a press release.

Bangladesh Bank has set up a fund amounting to Taka 25,000 crore to be disbursed through the participation of banks and non-bank financial institutions.

As per terms of the refinancing scheme, BRAC Bank will provide loans at 7 percent to CMSMEs, especially in SME clusters, with a particular focus on women entrepreneurs and business owners affected by natural calamities.

Welcoming the refinancing facility, Selim R. F. Hussain said, “We appreciate Bangladesh Bank for making BRAC Bank a partner of Refinance Scheme against Term Loan to CMSME Sector. As a CMSME-focused bank, BRAC Bank is committed to ensuring easy access to finance for entrepreneurs at the grassroots level.”