Bank Asia signs deal with BB to support CMSMEs

Bank Asia PLC has recently signed an agreement with the Bangladesh Bank to facilitate and strengthen financing support for Cottage, Micro, Small and Medium Enterprises (CMSMEs) across the country.

Under the agreement, Bank Asia will provide financing facilities to entrepreneurs under Bangladesh Bank’s “Cluster Financing” and “FSFDMSME” schemes, according to a press release.

Through the scheme, formed with a fund of Tk 1,500 crore from Bangladesh Bank’s own resources, and the SME Cluster Financing Scheme comprising Tk 3,000 crore, entrepreneurs will be able to avail loans at an interest rate of 7 percent.

The financing facilities will support the purchase of fixed assets, business expansion and modernisation of business establishments.

The agreement signing ceremony was held on May 18 at the Bangladesh Bank head office in Dhaka.

Deputy Governor Nurun Nahar, Executive Director Husne Ara Shikha and Director Nawshad Mustafa of Bangladesh Bank, Deputy Managing Director Syed Zulkar Nayen and Head of Small Business Mohammad Saifuddowla of Bank Asia attended the ceremony.