Dhaka Bank, SME Foundation team up to boost CMSME business

Dhaka Bank teamed up with the SME Foundation to provide loans to cottage, micro, small and medium enterprises (CMSMEs) under their revolving loan facility amounting to Tk 450 crore with funds from the government's stimulus package and its own sources.

Dhaka Bank and SME Foundation recently signed an agreement in this regard at a hotel in the capital, according to a press release.

AKM Shahnawaj, acting managing director of the bank, and Salahuddin Mahmud, managing director (additional charge) of the foundation, penned the deal on behalf of their organisations.

Under this programme, the SME Foundation will provide Tk 450 crore to participating banks and non-bank financial institutions (NBFIs) to be disbursed among entrepreneurs at a subsidised rate of 6 percent.

Md Masudur Rahman, chairman of the foundation, presided over the agreement signing ceremony, where Zakia Sultana, senior secretary of the ministry of industries, and Md Abdur Rahman Khan, secretary of the financial institutions division of the ministry of finance, were present.

Md Mahbubur Rahman Palash, head of MSME and emerging business division of the bank, and senior officials of different banks and NBFIs were also present.