BB recognises Brac Bank for disbursing highest Covid-19 stimulus package for CMSME

Bangladesh Bank has recognised Brac Bank for its outstanding role in implementation of the first phase of Covid-19 CMSME Stimulus Package in FY 2020-2021 on Tuesday (December 28).

Bangladesh Bank Governor Fazle Kabir handed over a certificate of recognition to Brac Bank's Deputy Managing Director and Chief Operating Officer Md Sabbir Hossain at a ceremony at BB's Jahangir Alam Conference Hall, reads a press release.

The government declared a stimulus package amounting to Tk20,000 crore to help Cottage, Micro, Small and Medium Enterprises (CMSMEs) recover from the pandemic blues.

Appreciating Bangladesh Bank's commendation, BRAC Bank's Managing Director and CEO Selim RF Hussain said: "We appreciate Bangladesh Bank for keeping confidence in BRAC Bank by assigning us with incremental target under the stimulus package. We express our gratitude for continuous guidance and policy support from Bangladesh Bank which was instrumental to fulfilling the target."

"As an SME-focused bank, BRAC Bank is committed to ensure easy access to finance to the entrepreneurs at the grassroots. In view of the pandemic, we have redoubled our efforts to provide much-needed fund to the small and medium entrepreneurs. We believe this subsidised credit under the CMSME stimulus package will rejuvenate the industries and help them take productivity to the pre-pandemic level," he added.

Brac Bank fulfilled incremental target of Tk1,500 crore in the first phase (April 2020-June 2021), which is the highest in the industry.

Mentionable here that in the second phase (July 2021-June 2022), Brac Bank has already disbursed Tk893 crore as against a target of Tk1,400 crore.