Prime Bank joins Tk 500 crore BB start-up refinancing fund

Prime Bank PLC has recently signed a participation agreement with Bangladesh Bank (BB) to implement the Tk 500 crore start-up refinancing fund, aimed at fostering entrepreneurship and supporting emerging ventures across the country.

Muhammad Mustafizur Rahman, additional director of Bangladesh Bank, and M Nazeem A Choudhury, deputy managing director of Prime Bank PLC, signed the agreement at the BB headquarters in the capital's Motijheel, according to a press release.

Commenting on the initiative, Choudhury said: "This collaboration with Bangladesh Bank demonstrates our shared commitment to nurturing innovative entrepreneurs and supporting the country's CMSME sector."

"By facilitating access to finance and capacity-building support, we aim to transform entrepreneurial ideas into thriving businesses that will generate employment, strengthen the CMSME ecosystem, and contribute to Bangladesh's sustainable economic growth."

Under the agreement, Prime Bank will provide financing to start-up entrepreneurs on easy terms through BB's refinancing facility.

In addition, the bank will offer training, technical assistance, and advisory services to help entrepreneurs manage and scale their businesses more effectively.

The press release added that the initiative marks another milestone in Prime Bank's ongoing efforts to promote financial inclusion, empower entrepreneurs, and accelerate the nation's transition towards a resilient, innovation-driven economy.