Bengal Commercial Bank signed two participatory agreements with Bangladesh Bank recently under the “Financial Sector Fund for the Development of Micro, Small and Medium Enterprises (FSFDMSME)” and the “Cluster Financing Scheme” aimed at providing easy-term financing to cottage, micro, small and medium enterprises (CMSMEs), a press release said.

Under the agreement, CMSME entrepreneurs can avail financing facilities at 7% interest rate on complying easy terms prescribed by the Bank. As per the agreement, Bengal Commercial Bank will provide term loans and working capital financing to entrepreneurs operating in various industrial clusters under the three thousand crore Cluster Financing Scheme of Bangladesh Bank. Bengal Commercial Bank also entered another agreement with Bangladesh Bank to participate in the FSFDMSME a one thousand five hundred crore fund established by Bangladesh Bank to support CMSME development. Under this scheme 7% interest rate will also be applicable for the entrepreneurs.

Tarik Morshed, Managing Director of Bengal Commercial Bank and Nawshad Mustafa, Director of the SME and Special Programs Department of Bangladesh Bank, signed the agreements on behalf of their respective organizations. K. M. Awlad Hossain, Additional Managing Director and CBO of Bengal Commercial Bank was present at the ceremony. The signing ceremony was presided over by Nurun Nahar, Deputy Governor of Bangladesh Bank.