Community Bank Bangladesh PLC has signed a participation agreement with Bangladesh Bank under the Tk5,000 crore refinance scheme for CMSME working capital finance, aimed at expanding access to funding for cottage, micro, small and medium enterprises across Bangladesh.
The agreement was signed at a ceremony organised by the SME and Special Department of Bangladesh Bank on Tuesday, with Bangladesh Bank Deputy Governor Md Anis Ur Rahman attending as chief guest.
Bangladesh Bank SMESPD Director Md Zabdul Islam and Community Bank Bangladesh Managing Director Mohammed Emtiaz Uddin signed and exchanged the agreement on behalf of their respective organisations.
The event was attended by Sharif Hasan Mamun, Head of SME and Agriculture Division of Community Bank Bangladesh, Nahid Rahman, Executive Director, and Shahanaj Pervin, Additional Director of SMESPD, along with senior officials from Bangladesh Bank.
Under the refinance scheme, Bangladesh Bank has formed the Tk5,000 crore fund to provide working capital support to CMSMEs that are unable to operate production, services or business activities at full capacity due to a shortage of required financing.
The initiative is part of an incentive package of Tk60,000 announced by Bangladesh Bank to strengthen the capacity of the CMSME sector, support business activities and accelerate economic recovery through direct and indirect employment generation.
Normally functioning CMSMEs will be able to access financing under the scheme at an interest rate of 9 per cent, Bangladesh Bank said.
Community Bank Bangladesh said in a press release that its participation in the refinance scheme reflects its commitment to supporting CMSME development, promoting financial inclusion and contributing to sustainable economic growth.
