Shimanto Bank inks deal with BB for Tk 5,000cr SME refinance scheme

Shimanto Bank has signed a participatory agreement with Bangladesh Bank to facilitate financing at a concessional interest rate and on simplified terms under the central bank’s Tk 5,000 crore CMSME working capital refinance fund.

The fund has been established under the Tk 60,000 crore stimulus package announced by Bangladesh Bank to ensure adequate working capital financing for the cottage, micro, small and medium enterprise (CMSME) sector, strengthen the productive capacity of viable enterprises, and accelerate economic activity through increased production, business operations and employment generation.

Tap here to add The Daily Star as a trusted source

Md Zabdul Islam, director of the SME and Special Programmes Department of Bangladesh Bank, and Md Nurul Azim, managing director and CEO of Shimanto Bank PLC, signed the MoU at the central bank’s headquarters in Dhaka recently, according to a press release.

Md Anis Ur Rahman, deputy governor of Bangladesh Bank, attended the ceremony as the chief guest.

Under the fund, operational CMSMEs struggling to run at full capacity due to a working capital crunch will receive financing facilities at a concessionary interest rate of just 9 percent per annum.

Among others, Nahid Rahman, executive director of the central bank, and Shahanaj Pervin, additional director, were also present at the signing ceremony.