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Bangladesh Bank has announced a Tk 62,000 crore incentive package to ease the financial pressure on entrepreneurs caused by high bank lending rates. The package will provide opportunities for low-interest financing, Bangladesh Bank Governor Md Mostaqur Rahman said.
He said bank lending rates are currently around 12 to 14 percent, making it difficult for entrepreneurs to run businesses and achieve success with such expensive loans. Considering the situation, Bangladesh Bank has taken initiatives to provide loans at lower interest rates through various incentive packages to reduce the financial burden on entrepreneurs.
The governor made the remarks as the chief guest at an exchange meeting held at the auditorium of the Primary Teachers’ Training Institute (PTI) in Bheripara area of Rajshahi city on Friday (October 2). The meeting was organised to discuss the implementation of Bangladesh Bank’s incentive packages aimed at accelerating private-sector activities.
The divisional commissioner and deputy commissioner of Rajshahi, business leaders, chamber representatives, government officials and bank officials attended the meeting. Bangladesh Bank Rajshahi office Executive Director Mohammad Badiuzzaman Didar chaired the event.
Speaking at the programme, the governor said the enthusiasm, energy and participation recently demonstrated by young people could be utilised in economic activities. To this end, Bangladesh Bank plans to launch a special scheme titled “Udyog” (Entrepreneurship).
Under the scheme, 10 entrepreneurs will be selected from each upazila with a target of developing a total of 5,000 young entrepreneurs across the country. The scheme is currently being implemented on a pilot basis and is scheduled to begin its full activities in November.
Regarding easier access to loans for farmers, Mostaqur Rahman said a Tk 10,000 crore refinancing scheme has been designed to ensure that more genuine and marginal farmers can access financing. Instead of requiring conventional collateral such as land or other fixed assets, the scheme allows alternative forms of collateral, which is expected to expand farmers’ access to credit.
He also said it was essential to strengthen every stage of the agricultural supply chain in northern Bangladesh—from production and storage to marketing, processing and export to international markets—in order to accelerate the country’s economy.
He expressed hope that a Tk 3,000 crore refinancing scheme would play an important role in strengthening these activities.
The Bangladesh Bank initiatives are expected to expand access to low-interest financing for entrepreneurs, make loans more accessible to farmers, strengthen the production and marketing systems for agricultural products and ultimately accelerate economic activities in the private sector.
