NRB Bank signs deal to tap BB’s Tk 500cr startup fund

NRB Bank PLC has signed a participation agreement with Bangladesh Bank to lend to SME customers under the central bank’s Tk 500 crore refinancing start-up fund, aiming to foster entrepreneurship and support emerging business ventures across the country.

Nawshad Mustafa, director of the SME Special Programmes Department at the Bangladesh Bank (BB), and Md Shaheen Howlader, deputy managing director of NRB Bank PLC, signed the agreement at the central bank’s headquarters in Motijheel, Dhaka recently.

Nurun Nahar, deputy governor of the central bank, attended the ceremony as chief guest, according to a press release.

Under the agreement, NRB Bank will extend loans to start-up entrepreneurs on easy terms through Bangladesh Bank’s refinancing facility. In addition to financing, the bank will assist entrepreneurs in managing and scaling up their businesses more effectively.

The initiative marks another milestone in NRB Bank’s efforts to promote financial inclusion, empower new start-ups and accelerate the country’s transition towards a resilient and innovation-driven economy, the release added.

Husne Ara Shikha, executive director of the Bangladesh Bank, along with other senior officials from both organisations, were also present.