IFIC Bank to provide up to Tk 30cr loans for leather industry

IFIC Bank PLC will provide loans of up to Tk 30 crore to tannery, leather goods and related supporting industries under a Tk 2,000 crore Bangladesh Bank (BB) pre-finance scheme.

The private commercial bank has signed an agreement with the central bank to disburse financing under the scheme at the BB headquarters on September 16, according to a press statement.

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The bank will be able to charge a maximum interest rate of 7 percent on the loans, according to the statement.

The BB scheme aims to support the development of the leather and leather goods industry, promote environmentally friendly production and enhance export capacity.

Md Zabdul Islam, director of the central bank’s SME & Special Programmes Department, and Syed Mansur Mustafa, managing director of IFIC Bank, signed the agreement on behalf of their respective organisations. Md Anis Ur Rahman, deputy governor of BB, and Md Mojibur Rahman Sheikh, executive director of BB, along with officials from both organisations, were also present at the ceremony.