NCC Bank partners with BB to support CMSME refinance scheme

NCC Bank has signed a participation agreement with Bangladesh Bank under its Tk 5,000 crore CMSME working capital refinance fund to provide affordable working capital financing to eligible cottage, micro, small and medium enterprises (CMSMEs) and boost their productive capacity.

Md Habibur Rahman, deputy managing director of NCC Bank PLC, and Md Zabdul Islam, director of the SME and Special Programmes Department of Bangladesh Bank, signed the agreement at the central bank’s headquarters in Dhaka recently, according to a press release.

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A Tk 5,000 crore working capital refinance fund for CMSMEs has been formed under the Bangladesh Bank’s Tk 60,000 crore economic stimulus package.

One of the main objectives of the fund is to provide necessary financing facilities to promising and sustainable CMSME enterprises that cannot operate at full capacity due to a working capital crisis.

Under the scheme, eligible CMSME enterprises will be able to avail themselves of financing facilities at an interest rate of only 9 percent, subject to the relevant policies and conditions. Md Anis Ur Rahman, deputy governor of Bangladesh Bank, attended the programme.

Through this financing, opportunities will be created to maintain business continuity, expand production and service activities, generate employment, and energise overall economic activities.

Nahid Rahman, executive director of Bangladesh Bank; Shahanaj Pervin, additional director; and Sharif Mohammad Mahsin, senior vice-president and head of SME and Agri Credit of NCC Bank PLC, along with senior officials from both organisations, were also present at the signing ceremony.