Bank Asia to offer CMSME financing at 9% interest
Bank Asia PLC has signed a participation agreement with Bangladesh Bank to provide loans under the Tk5,000 crore Working Capital Refinance Fund for cottage, micro, small and medium enterprises (CMSMEs) at concessional interest rates and on easy terms.
According to a press release, the signing ceremony was held on 8 September at the AN Hamidullah Conference Room at Bangladesh Bank's head office.
Bangladesh Bank Deputy Governor Md Anis Ur Rahman attended the ceremony as the chief guest.
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Bangladesh Bank SME & Special Programmes Department Director Md Zabdul Islam and Bank Asia Deputy Managing Director Syed Zulkar Nayen exchanged the agreement on behalf of their organisations.
Also present were Bangladesh Bank Executive Director Nahid Rahman and Additional Director Shahanaj Pervin, along with Bank Asia Head of Small Business Mohammad Saifuddowla.
Bangladesh Bank established the fund under its Tk60,000 crore stimulus package to provide working capital loans and investments to CMSME enterprises.
The initiative aims to help businesses operate their production, service and business activities at full capacity. It is also expected to create direct and indirect employment and accelerate the country's economic recovery.
Under the fund, viable CMSME enterprises unable to operate at full capacity because of working capital shortages will be eligible for financing at a 9% interest rate.
