BB, Brac Bank partner in AIIB funded stimulus package for CMSMEs

Bangladesh Bank and Brac Bank recently signed an agreement to provide refinancing facilities to the cottage, micro, small and medium enterprises (CMSMEs) under the Covid-19 stimulus package to help small businesses recover from the impact of the pandemic.

Brac Bank signed the agreement with Bangladesh Bank to become a participating financial institution under the COVID-19 Emergency and Crisis Response Facility Project funded by the Asian Infrastructure Investment Bank (AIIB). 

Under the agreement, Brac Bank and other participating banks will avail of refinancing facilities amounting to Tk2,520 Crore from Bangladesh Bank and provide subsidized interest credits to the CMSMEs.  

Abdul Wahab, general manager, project implementation unit (Covid-19 ECRF), SME and special programmes department of Bangladesh Bank and Selim RF Hussain, managing director and CEO of BRAC Bank, signed the agreement at the Bangladesh Bank premises on Wednesday. 

Abu Farah Md Nasser, deputy governor of the Bangladesh Bank, was present during the signing ceremony. 

Being the leading collateral-free CMSME financer in the country, Brac Bank has always been committed to the CMSME sector, which is the lifeblood of the economy and vital to employment generation. 

Welcoming the refinancing facility, Selim RF Hussain said: "We appreciate Bangladesh Bank for making Brac Bank an implementation partner of AIIB funded COVID-19 Emergency and Crisis Response Facility Project. As a CMSME-focused bank, BRAC Bank is committed to ensuring easy access to finance for the entrepreneurs at the grassroots."