Modhumoti Bank joins Tk5,000cr CMSME refinance scheme
Modhumoti Bank PLC has joined Bangladesh Bank's Tk5,000 crore Working Capital Refinance Fund to support cottage, micro, small, and medium enterprises (CMSMEs). Under the initiative, eligible CMSME customers can receive financing from Modhumoti Bank at a concessional interest rate of 9% per annum, according to a press release.
Under the participation agreement, eligible CMSME customers can receive financing from Modhumoti Bank at a concessional interest rate of 9% per annum, according to a press release.
The agreement was signed at Bangladesh Bank's head office in Dhaka on 8 September, following an invitation from Bangladesh Bank.
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Bangladesh Bank Deputy Governor Md Anis Ur Rahman presided over the signing ceremony.
Modhumoti Bank Managing Director Md Shafiul Azam and Bangladesh Bank SME & Special Programmes Department Director Md Zabdul Islam signed the agreement on behalf of their respective organisations.
Modhumoti Bank Deputy Managing Director and Chief Business Officer Arab Fazlur Rahman and Head of CMSME Business Support Zahid Al Muntasir attended the ceremony.
Bangladesh Bank Executive Director Nahid Rahman and Additional Director Shahanaj Pervin were also present.
Modhumoti Bank said its participation in the refinance scheme would expand access to affordable working-capital financing and support the growth and development of Bangladesh's CMSME sector.
