Citizens Bank steps up SME financing with BB fund

Citizens Bank PLC has signed a participation agreement with Bangladesh Bank under the central bank’s Tk 5,000 crore revolving refinance fund to support the working capital needs of cottage, micro, small and medium enterprises (CMSMEs).

Alamgir Hossain, managing director of Citizens Bank PLC, and Md Zabdul Islam, director of the SME and Special Programmes Department at Bangladesh Bank, signed the agreement 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 signing ceremony.

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Through the refinancing scheme, Citizens Bank PLC will further enhance its support for eligible CMSME entrepreneurs, enabling them to access financing at an interest rate of 9 percent to sustain and expand their production, services and business operations.

The initiative marks another step towards strengthening CMSMEs, creating employment opportunities and supporting sustainable economic growth, the release added.

Among others, Nahid Rahman, executive director of Bangladesh Bank; Shahanaj Parvin, additional director; Md Mazibur Rahman, executive vice-president of Citizens Bank PLC; and Bijoy Chandra Das, senior vice-president and head of the SMR and marketing division, were also present at the signing ceremony.