Shimanto Bank signs Refinancing Agreements with Bangladesh Bank

Shimanto Bank PLC has recently signed Participation Agreements with Bangladesh Bank under the Cluster Financing Scheme and the FSFDMSME Refinancing Scheme through the SME & Special Programs Department (SMESPD) to strengthen financing support for Cottage, Micro, Small and Medium Enterprises (CMSMEs) across the country.

The signing ceremony was held at Jahangir Alam Conference Hall of Bangladesh Bank Head Office in Dhaka. The program was chaired by Nurun Nahar, Deputy Governor, Bangladesh Bank, according to a media release. 

Md. Nurul Azim, Managing Director & CEO of Shimanto Bank PLC, and Nawshad Mustafa, Director of SMESPD, Bangladesh Bank, signed the agreement on behalf of their respective organizations.

Among others, Husne Ara Shikha, Executive Director of Bangladesh Bank, Muhammed Didarul Islam, CRO and Md. Faridul Islam, Head of SME Banking of Shimanto Bank PLC were present at the signing ceremony.

Under the schemes, CMSME customers will be able to avail financing facilities at a concessional interest rate of 7% per annum, enhancing access to affordable financing for entrepreneurs and small businesses nationwide.

The initiatives will help expand financing support for cluster-based industries, micro and small entrepreneurs, and financially underserved CMSME sectors, contributing to sustainable economic growth and employment generation, the release adds.