Written by The Banking Post
Midland Bank PLC has signed refinance participation agreements with Bangladesh Bank to support cluster-based industries and cottage, micro, small and medium enterprises (CMSMEs) under two separate refinancing schemes worth Tk 4,500 crore.
The agreements were signed to implement the central bank’s Tk 3,000 crore Cluster Financing Scheme and the Tk 1,500 crore Financial Sector Fund for the Development of Micro, Small and Medium Enterprises (FSFDMSME).
The signing ceremony was held on May 18 at Bangladesh Bank’s Jahangir Alam Conference Hall.
Under the agreements, Midland Bank will provide term loans and working capital support to eligible cluster entrepreneurs and CMSME businesses at a concessional interest rate of 7 per cent under the Bangladesh Bank refinance facility.
The initiative is aimed at promoting entrepreneurship, expanding financial inclusion and supporting sustainable growth of small businesses across the country.
Officials said the programme is also expected to generate employment and strengthen the CMSME sector, which remains a key contributor to Bangladesh’s economic growth.
Bangladesh Bank Deputy Governor Nurun Nahar attended the event as chief guest.
The agreements were signed by Nawshad Mustafa, director of the SME and Special Programmes Department of Bangladesh Bank, and Imtiaz U. Ahmed, managing director and CEO of Midland Bank PLC, on behalf of their respective organisations.
Senior officials from both Bangladesh Bank and Midland Bank were also present at the ceremony.
