Shimanto Bank PLC has signed a participation agreement with Bangladesh Bank to provide financing of up to Tk50 crore for the information and communication technology (ICT) sector at a concessional interest rate of 4 per cent a year, aiming to support entrepreneurs and develop the industry.
Loans under the refinance scheme will be available on simplified terms for a maximum tenure of 10 years, Shimanto Bank said in a press release. AKM Nurunnabi, director of Bangladesh Bank’s Sustainable Finance Department, and Md Nurul Azim, managing director and CEO of Shimanto Bank PLC, signed the agreement on behalf of their respective organisations.
The bank said the scheme was designed to foster development of the ICT sector by supporting entrepreneurs with lower-cost, longer-term financing.
Senior officials from Bangladesh Bank and Shimanto Bank PLC were also present at the signing ceremony.
