Meghna Bank signs deal for Tk5,000cr CMSME refinance fund
Meghna Bank PLC has joined Bangladesh Bank's Tk5,000 crore CMSME Working Capital Refinance Fund to provide viable cottage, micro, small and medium enterprises (CMSMEs) with financing at a 9% interest rate.
The bank recently signed a participation agreement with Bangladesh Bank to offer the financing at a concessional rate and on simplified terms, according to a press release.
Bangladesh Bank SME and Special Programmes Department Director Md Zabdul Islam signed the agreement for the central bank.
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Meghna Bank Head of SME Banking Mohammad Sohel Miah and Head of Micro and Small Business Md Shaidur Rahman signed the agreement on the bank's behalf.
Bangladesh Bank Deputy Governor Md Anis Ur Rahman attended the agreement-signing ceremony as the chief guest, where Meghna Bank was invited to join the Tk5,000 crore CMSME Working Capital Refinance Fund.
Bangladesh Bank Executive Director Nahid Rahman and Additional Director Shahanaj Pervin were also present.
Bangladesh Bank established the Tk5,000 crore CMSME Working Capital Refinance Fund under the Tk60,000 crore stimulus package it announced.
The fund aims to ensure adequate working capital financing for the CMSME sector and strengthen the productive capacity of viable enterprises.
It also seeks to accelerate economic activity by enabling enterprises to increase production, maintain business operations and create employment opportunities.
Under the scheme, viable CMSMEs facing working capital constraints will be eligible to receive financing at an interest rate of 9%.
The financing is expected to enable eligible enterprises to operate their production, service and business activities at optimum capacity.
Through its participation in the scheme, Meghna Bank will expand access to affordable working capital financing for eligible CMSME entrepreneurs.
