Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

NBL and Bangladesh Bank Ink Deal to Boost Financial Inclusion, NCC Bank Secures USD Refinancing

Published 11/10/2023, 19:56

In a move to bolster financial inclusion in Bangladesh, National Bank Limited (NBL) and Bangladesh Bank have signed the 'Financial Inclusion Credit Guarantee Scheme' on Wednesday. The agreement was signed by several key figures including Manoj Kumar Howlader, Md. Mehmood Husain, Syed Himyanuddin Ahmed, and Md. Oliul Islam.

Under the new scheme, NBL will offer collateral-free loans at a 7 percent interest rate to marginalized farmers, low-income professionals, and school banking account holders. The loan amount will range from Tk 10 to Tk 50,100. This initiative is led by the CRM (MSME) Division Head of NBL, Md. Sahidul Islam, and is expected to enhance NBL's CMSME financing.

On the same day, another significant agreement was signed between NCC Bank and Bangladesh Bank. The "BB-Long Term Financing Facility (BB-LTFF)" will provide USD refinancing to export-oriented manufacturers in Bangladesh against long-term loans. The signing was executed by Mohammad Mamdudur Rashid of NCC Bank and Liza Fahmida of Bangladesh Bank's FSSSPD. Key witnesses to the signing included officials Nurun Nahar, Md Abul Bashar, Mohd Rafat Ullah Khan, Md Mahbub Alam, and A. K. M. Jahidul Alam.

These agreements represent significant strides in promoting financial inclusion and supporting local businesses in Bangladesh. They aim not only to provide financial assistance but also to stimulate economic growth within the country.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.