Citizens Bank signs BB refinancing deal for MSMEs

Citizens Bank PLC has recently signed a participation agreement with the Bangladesh Bank to implement the Tk 3,000 crore Cluster Financing Scheme and Tk 2,000 crore Agro Processing scheme for the development of micro, small and medium enterprises.

The agreement was signed at the Bangladesh Bank head office in the presence of  Nurun Nahar, deputy governor of Bangladesh Bank, according to a press release.

Nawshad Mustafa, director of SME & Special Programmes Department of Bangladesh Bank, and Md Mostafizur Rahman, deputy managing director of Citizens Bank PLC, signed the agreement on behalf of their organisations.

Husne Ara Shikha, executive director of Bangladesh Bank, Bijoy Chandra Das, head of SMR & Marketing Division, and other officials of Bangladesh Bank were present on the occasion.

Under the agreement, Citizens Bank will provide loans to cluster and agro-processing entrepreneurs at an interest rate of 7 percent under Bangladesh Bank’s refinancing scheme.