CMSMEs will get loan assistance of Tk 60,000 crore

Bangladesh Bank has taken initiative to extend the distribution period of incentive package for cottage, micro and small and medium entrepreneurs (CMSMEs) till 2023. At the same time, the central bank has decided to provide loan assistance of Tk 60,000 crore to the sector by 2023 to achieve economic tolerance.

This was stated by Deputy Governor of Bangladesh Bank Abu Farr in a keynote address at a virtual dialogue titled ‘Expanding Investment Facilities for Entrepreneurs for Sustainable Economic Transition in the Post-Cavid: Bangladesh Southwest Experience’ organized by Business Initiative Leading Development (BILD) last Thursday. Nasser.

Bild was assisted in organizing the dialogue by the British Council’s Promoting Knowledge for Accountable Systems (Publication) program. Mayor of Mongla Municipality SK Abdur Rahman was the special guest.

In his speech at the dialogue, the Deputy Governor of Bangladesh Bank said that Tk 2,000 crore collateral-free loan facility has been provided to SMEs under the credit guarantee scheme. This loan facility should be utilized as much as possible.

Citing Citibank’s Leno financing model as an example, he said the model uses digital technology to process loan applications in a short period of time, which others need to follow.

Sunbd/NJ