NRB Bank, BB partner to offer working capital at 9% for SMEs

NRB Bank PLC has signed a participation agreement with Bangladesh Bank to disburse loans at low interest rates and on easy terms under the BB’s Tk 5,000 crore working capital refinance fund for the cottage, micro, small and medium enterprise (CMSME) sector.

Md Zabdul Islam, director of the SME and Special Programmes Department of Bangladesh Bank, and Tareq Reaz Khan, managing director and CEO of NRB Bank PLC, signed the agreement at the BB headquarters in Dhaka recently, according to a press release.

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Md Anis Ur Rahman, deputy governor of Bangladesh Bank, attended the event as the chief guest. Under the Tk 60,000 crore stimulus package announced by Bangladesh Bank, the fund was formed to enable CMSME enterprises to operate their production, service and business activities at full capacity by providing them with the necessary working capital loans or investments, and to boost the sluggish economy by creating direct and indirect employment in the country.

Under the fund, operational CMSME enterprises that are unable to run their production, service or business activities at full capacity due to a lack of necessary working capital will receive financing at an interest rate of only 9 percent.

NRB Bank PLC is a proud partner in this business journey, the press release said.

Among others, Nahid Rahman, executive director of Bangladesh Bank; Shahanaj Pervin, additional director; and Md Aminul Islam, head of the SME division of NRB Bank PLC, were also present.