IPDC Finance, SME Foundation join hands to boost SME sector growth
IPDC Finance PLC and the SME Foundation have initiated a joint effort to expand access to affordable and convenient financing for the country's small and medium enterprises (SMEs). To this end, two agreements were recently signed between the two organisations to make financing more accessible for entrepreneurs.
The agreement-signing ceremony was attended by Adviser to the Ministries of Industries, Commerce, Textiles and Jute Khandaker Abdul Muktadir as chief guest. Bangladesh Bank Deputy Governor Nurun Nahar was present as special guest. The event was chaired by Secretary of the Ministry of Industries and Chairperson of SME Foundation Md Obaidur Rahman. The agreements were signed by Managing Director of IPDC Finance PLC Rizwan Dawood Shams and Managing Director of SME Foundation Anwar Hossain Chowdhury on behalf of their respective organisations.
Under the agreements, loans on easy terms will be provided to productive industries within the SME sector, various business clusters, and women entrepreneurs across the country. The initiative also aims to accelerate economic growth by ensuring low-interest financing for agro-based industries and the food processing sector.
Under the SME Foundation's Credit Wholesaling Programme, the interest rate for loans has been set at 8%. In addition, under the JICA-funded Food Value Chain Improvement Project (FVCIP), the interest rate has been fixed at 9%.
Also present at the event from IPDC Finance PLC were Deputy Managing Director and Acting Head of SME Ashiq Hossain, and Assistant General Manager of the SME Division Mohammad Adnan Islam. From SME Foundation, Board Member Nasreen Fatema Awal, Deputy Managing Director Md Nazim Hasan Sattar, and Deputy General Manager Suman Chandra Saha, along with other senior officials from both organisations, were also present.
Stakeholders expressed optimism that the initiative would expand financing opportunities in the SME sector and increase the participation of women entrepreneurs across the country.
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