NRBC Bank joins Tk3,000cr refinancing scheme for northern agriculture
NRBC Bank PLC has signed an agreement with Bangladesh Bank to disburse loans under a Tk 3,000 crore refinancing scheme for an agriculture-based economic hub in northern Bangladesh, according to a press release.
The fund seeks to strengthen food security, generate employment, reduce poverty, and support economic development across the Rajshahi and Rangpur divisions.
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The agreement was signed at Bangladesh Bank's Jahangir Alam Conference Room on 31 August in the presence of Bangladesh Bank Deputy Governor Dr Md Kabir Ahmed.
Bangladesh Bank's Agricultural Credit Department-2 Director AKM Saiduzzaman and NRBC Bank Managing Director and CEO Dr Md Touhidul Alam Khan, FCMA, signed the agreement on behalf of their respective institutions.
Bangladesh Bank Spokesperson and Executive Director Arif Hossain Khan, Head of the Credit Risk Management Division at NRBC Bank Mir Md Abbas Ali and senior officials from both organisations attended the ceremony.
The scheme will finance agricultural production, storage, transportation, marketing, processing, agriculture-based industries, and exports.
NRBC Bank will focus on farmers, agriculture-based entrepreneurs, and businesses in the cottage, micro, small, and medium enterprise sectors.
Eligible borrowers can obtain loans at an interest rate of up to 9%, with a maximum repayment period of 36 months.
Under the scheme, 15% of the financing will be allocated to agricultural production.
Agricultural product storage, transportation, marketing, and infrastructure development will receive 35%, while another 35% will go to production and processing. The remaining 15% will support agricultural exports.
Individual borrowers may receive up to Tk30 lakh for agricultural production.
Financing of up to Tk40 crore will be available for storage, transportation, marketing, infrastructure development, and processing, while agricultural exporters may obtain up to Tk15 crore.
The initiative is expected to expand access to finance across the agricultural value chain, from production and storage to processing, marketing and export.
NRBC Bank said the agreement would support its efforts to promote agricultural and rural development, financial inclusion and entrepreneurship by improving access to finance for farmers and agricultural businesses in northern Bangladesh.
