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Bangladesh Bank announces forming a special fund worth around Tk 9.0 billion to solely lend capital to startup companies, under government bid for accelerating economic growth banking on newer enterprises and investment.
Bangladesh Bank Governor Dr Ahsan H Mansur rolled out the plan at a plenary of an investment summit that began Monday with participation of investors from home and abroad.
Funds from this startup fund will be disbursed through commercial banks, he said, adding that an official circular to this effect will be issued shortly.
Dr Mansur unveiled the plan at the 'Startup Connect' plenary of the Bangladesh Investment Summit that got off to a formal start in a city hotel with this session.
"I want to see at least 10 unicorns like bKash in Bangladesh in the future," he told his business audience of would-be investors.
In business, a unicorn is a startup company which is privately owned and not listed on a share market.
The flagship event is organised jointly by Startup Bangladesh Limited, ICT Division and Bangladesh Investment Development Authority (BIDA).
Speaking at a plenary, BIDA Executive Chairman Ashik Mahmud Bin Harun said the government is creating ecosystem to make business environment much easier. Citing examples of hurdles in obtaining trade licence, the investment promoter termed it one of the big challenges facing startup businesses.
The BIDA chief, however, questioned whether trade licences were necessary to get renewed every year.
The session was attended by young and innovative entrepreneurs from both home and abroad.
Titled 'Empowering Innovation, Connecting Opportunity', the session highlighted the potential of Bangladesh's youth in the keynote speech delivered by Tanveer Ali, Chairman of Constellation Asset Management Company Limited.
The co-founder of LinkedIn Reid Hoffman also sent a message virtually during the event.
The plenary session, moderated by Sadia Haque, Co-founder and Chief Executive Officer (CEO) of Sharetrip, was also attended by the BIDA chairman, Special Assistant to Chief Adviser, ICT Division, Faiz Ahmad Taiyeb, Secretary Shish Haider Chowdhury and representatives from the ICT sector.
Shish Haider Chowdhury, also Chairman of Startup Bangladesh Limited, said, "With nearly $1 billion raised-76 per cent of it from venture capital-and growing interest from over 300 local and international investors, our ecosystem is no longer just emerging; it is thriving."
He stresses the need for Bangladesh's preparedness for a 'fund of funds' which the interim government is working on by accumulating various investments. Faiz Ahmad Taiyeb said the government is framing several legal backups to stop any attempt to shut internet in any situation. Mr Taiyeb also vowed to cut cost of internet by rationalizing taxes and other regulatory measures.
This four-day summit brings together more than 70 speakers, 25 venture-capital firms, and hundreds of change-makers to co-create the next chapter in Bangladesh's innovation journey.
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