NCC Bank joins Tk5,000cr BB refinance fund for CMSMEs
NCC Bank PLC has signed a participation agreement with Bangladesh Bank under the Tk 5,000 crore CMSME Working Capital Refinance Fund.
The agreement will help provide affordable working capital financing to eligible cottage, micro, small and medium enterprises (CMSMEs).
The financing aims to help eligible CMSMEs overcome working capital constraints, maintain business operations, and enhance productive capacity, according to the press release.
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Bangladesh Bank Deputy Governor Md Anis Ur Rahman attended the signing ceremony.
NCC Bank Deputy Managing Director Md Habibur Rahman and Bangladesh Bank SME and Special Programmes Department Director Md Zabdul Islam exchanged the agreement on behalf of their respective organisations at the ceremony.
Bangladesh Bank Executive Director Nahid Rahman and Additional Director Shahanaj Pervin also attended the ceremony as guests.
NCC Bank Senior Vice-President and Head of SME and Agri Credit Sharif Mohammad Mahsin attended the event as an invited participant, along with senior officials from both institutions.
Bangladesh Bank formed the Tk5,000 crore CMSME Working Capital Refinance Fund under its Tk60,000 crore economic stimulus package.
One of the fund's main objectives is to provide working capital financing to viable, sustainable CMSME enterprises that cannot operate at full capacity because of working capital shortages.
Under the scheme, eligible CMSME enterprises can obtain financing at a maximum interest rate of 9%, subject to applicable policies and conditions.
The financing is expected to help businesses maintain continuity, expand production and service activities, generate employment and contribute to wider economic activity.
