Mercantile Bank to support green, export, ICT sectors with Tk 5,000cr fund

Mercantile Bank PLC has signed participation agreements with Bangladesh Bank under three major refinance schemes totalling Tk 5,000 crore to promote sustainable economic growth, export diversification and technological advancement.

Of the three schemes, Tk 3,000 crore has been allocated to export diversification, Tk 1,000 crore to green factory buildings and green industry initiatives, and Tk 1,000 crore to the information and communication technology (ICT) sector.

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AKM Nurunnabi, director of the Sustainable Finance Department of Bangladesh Bank, and Mati Ul Hasan, managing director of Mercantile Bank PLC, signed the agreements at the central bank’s headquarters in Dhaka recently, according to a press release.

Mercantile Bank will contribute to inclusive industrialisation, environment-friendly production and a technology-driven modern economy in Bangladesh by participating in these schemes. This will create new job opportunities, foster entrepreneurship and help reduce poverty. Md Tohidul Islam, additional director of the Sustainable Finance Department of Bangladesh Bank; and Md Mustahidur Reza Chowdhury, vice-president and head of the RMG financing unit of Mercantile Bank PLC, were also present.