Mercantile Bank joins Tk5,000cr Bangladesh Bank refinance schemes
Mercantile Bank PLC has joined three Bangladesh Bank refinance schemes worth a combined Tk5,000 crore to support export diversification, green industrial development and technological advancement.
The bank recently signed participation agreements with Bangladesh Bank for the three schemes, comprising Tk3,000 crore for export diversification, Tk1,000 crore for green factory buildings and green industries, and Tk1,000 crore for the information and communication technology (ICT) sector, according to the press release.
Bangladesh Bank Sustainable Finance Department Director AKM Nurunnabi and Mercantile Bank Managing Director Mati Ul Hasan signed the agreements on behalf of their respective organisations.
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The signing ceremony was also attended by Bangladesh Bank Sustainable Finance Department Additional Director Md Tohidul Islam; Mercantile Bank Vice President and Head of RMG Financing Unit Md Mustahidur Reza Chowdhury; and Official Focal Point of the Sustainable Finance Unit Muhammad Hasibul Hakim Khan.
Other officials from Bangladesh Bank and Mercantile Bank were also present at the ceremony.
Through its participation in the three refinance schemes, Mercantile Bank aims to expand financing for export diversification, environmentally friendly industrial production and technology-driven businesses.
The Tk3,000 crore export diversification scheme is intended to expand access to financing for eligible businesses seeking to diversify Bangladesh's export base and develop new products and markets.
The Tk1,000 crore refinance scheme for green factory buildings and green industries is aimed at encouraging environmentally sustainable industrial development and production practices.
The Tk1,000 crore ICT refinance scheme is intended to support technology-driven businesses and contribute to the development of a modern digital economy.
Mercantile Bank said its participation in the schemes would contribute to inclusive industrialisation, environmentally friendly production and technological advancement in Bangladesh.
The bank also expects the initiatives to help create employment opportunities, foster entrepreneurship and contribute to poverty reduction.
