Bangladesh Bank and BRAC Bank sign agreement on Covid-19 refinancing to CMSMEs

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Bangladesh Bank and BRAC Bank have signed an agreement to provide refinancing facilities to Small, Micro, Small and Medium Enterprises (CMSME) under the Covid-19 stimulus package to help small businesses recover. recover from the impact of the pandemic.

Md. Abdul Wahab, Managing Director, Project Implementation Unit (Covid-19 ECRF), SME and Special Programs Department of Bangladesh Bank and Selim RF Hussain, Managing Director and CEO of BRAC Bank, recently signed the deal to Bangladesh Bank.

Abu Farah Md. Nasser, Deputy Governor of Bangladesh Bank, was present at the signing ceremony. Md. Obaidul Hoque, Executive Director of Bangladesh Bank and Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, were also present.

Under the agreement, BRAC Bank and other participating banks will benefit from refinancing facilities amounting to BDT 25.20 billion from Bangladesh Bank and provide subsidized interest credits to CMSMEs.

Bangladesh Bank has previously recognized BRAC Bank for its outstanding role in implementing the first phase of the CMSME Covid-19 stimulus package in the financial year 2020-2021. In two phases of the stimulus plan, BRAC Bank disbursed BDT 2,669 crore to CMSMEs, which is the highest amount in the banking sector. The large network of SMEs and the large team of the bank have enabled the bank to achieve the highest target in stimulus loan disbursement.

Welcoming the refinancing facility, Selim RF Hussain, Managing Director and CEO of BRAC Bank, said, “We appreciate Bangladesh Bank for making BRAC Bank an implementing partner of the disaster response facility project. emergency and crisis COVID-19 funded by the AIIB. As a CMSME-focused bank, BRAC Bank is committed to ensuring easy access to finance for grassroots entrepreneurs. In light of the pandemic, we have redoubled our efforts to provide much-needed funding to CMSME entrepreneurs. We believe that this refinancing facility from Bangladesh Bank will rejuvenate the industries and help them bring productivity back to pre-pandemic levels.

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