Business Desk :
The production of food grains has now increased almost four times than it was in 1972. More than 38 million metric tons of food grains are produced every year. Studies have shown that if the agricultural growth is at an annual rate of 4 to 4.5 percent, it’s possible to earn from this sector by exporting said Dr. Atiur Rahman, ex Bangaldesh Bank Governor while delivering the keynote speech at the seminar titled “Agri Mechanization: The Role of Private Sector and Access to Finance”.
Metal Group organized the seminer at Krishibid Institution Bangladesh Complex in Khamarbari area on Saturday.
If the GDP growth in agriculture sector is increased by 1 percent per person, the overall poverty will decrease by 0.39 percent, Atiur added.
The present scenario of our agricultural sector was highlighted at the seminar. Besides, emphasize was given on the loan facilities for farmers to purchase agri-machineries.
Bangladesh Government has been implementing a project that provides subsidies to farmers who buy agri-machineries. Apart from this, to ensure better participation of the private sector in agri-mechanization the government is providing fiscal incentives.
The latest ‘Agriculture and Rural Credit Policy and Program’ of Bangladesh Bank has especially encouraged providing loans for agri-machinery. He has requested the banks and financial institutions to provide special loan to the farmers so that they can buy necessary agri-machineries. According to him if this initiative is implemented it will be a great example of ‘Public-Private Partnership’.
Former Vice Chancellor of Bangladesh Agricultural University, Professor Emeritus Dr. Abdus Sattar Mandal and agricultural scientists of Bangladesh were present in the seminar. Representatives from Bangladesh Bank, Government Banks and other Private and Foreign Banks were also present. METAL Group CEO A M M Farhad, guests from NGOs, INGOs, Embassies and renowned journalists also graced the seminar.
As guest speakers Helal Ahmed Chowdhury, Super Numerary Professor, Bangladesh Institute of Bank Management (BIBM) and Ex Managing Director, Pubali Bank; Prof. Dr. Abdus Sattar Mandal, Ex Vice Chancellor, Bangladesh Agricultural University; Hideaki Kojima, Managing Director, MUFG Bank Ltd; Prof. Hannana Begum, Ex Director, Bangladesh Bank; Dr. Md. Habibur Rahman, General Manager, Governor Secretariat, Bangladesh Bank and Representative of farmers from remote areas were present at the seminar.
Sadid Jamil, Managing Director of Metal Group said, “Metal has been working for the agri-mechanization sector of Bangladesh since 1993. Metal was the first organization to provide loans to the farmers for buying agri-machineries. If the banks and financial institutions also start providing loan to the farmers the agri-mechanization process will accelerate. As a result, production of food grains will increase and poverty will be lessened.”
Dr. Atiur Rahman ended his speech by giving three recommendations on how the banking sector can contribute in agri-mechanization.
He suggested if the bank rate can be reduced from 5 to 4 percent for agri-machinery, then commercial banks will have additional incentive to give more loan to purchase agri-machineries at a lower interest rate through the refinancing program.
In the latest ‘Agricultural and Rural Credit Policy and Program’ of Bangladesh Bank, there was a directive to disburse 10 percent of the total loan to fish culture. If a similar directive could be there to promote agri-machinery, that would have tremendous positive impact on agri-mechanization.
He also mentioned to initiate low interest loan facilities for agri-mechanization similar to what spice cultivators and cattle rearing households enjoy.
The production of food grains has now increased almost four times than it was in 1972. More than 38 million metric tons of food grains are produced every year. Studies have shown that if the agricultural growth is at an annual rate of 4 to 4.5 percent, it’s possible to earn from this sector by exporting said Dr. Atiur Rahman, ex Bangaldesh Bank Governor while delivering the keynote speech at the seminar titled “Agri Mechanization: The Role of Private Sector and Access to Finance”.
Metal Group organized the seminer at Krishibid Institution Bangladesh Complex in Khamarbari area on Saturday.
If the GDP growth in agriculture sector is increased by 1 percent per person, the overall poverty will decrease by 0.39 percent, Atiur added.
The present scenario of our agricultural sector was highlighted at the seminar. Besides, emphasize was given on the loan facilities for farmers to purchase agri-machineries.
Bangladesh Government has been implementing a project that provides subsidies to farmers who buy agri-machineries. Apart from this, to ensure better participation of the private sector in agri-mechanization the government is providing fiscal incentives.
The latest ‘Agriculture and Rural Credit Policy and Program’ of Bangladesh Bank has especially encouraged providing loans for agri-machinery. He has requested the banks and financial institutions to provide special loan to the farmers so that they can buy necessary agri-machineries. According to him if this initiative is implemented it will be a great example of ‘Public-Private Partnership’.
Former Vice Chancellor of Bangladesh Agricultural University, Professor Emeritus Dr. Abdus Sattar Mandal and agricultural scientists of Bangladesh were present in the seminar. Representatives from Bangladesh Bank, Government Banks and other Private and Foreign Banks were also present. METAL Group CEO A M M Farhad, guests from NGOs, INGOs, Embassies and renowned journalists also graced the seminar.
As guest speakers Helal Ahmed Chowdhury, Super Numerary Professor, Bangladesh Institute of Bank Management (BIBM) and Ex Managing Director, Pubali Bank; Prof. Dr. Abdus Sattar Mandal, Ex Vice Chancellor, Bangladesh Agricultural University; Hideaki Kojima, Managing Director, MUFG Bank Ltd; Prof. Hannana Begum, Ex Director, Bangladesh Bank; Dr. Md. Habibur Rahman, General Manager, Governor Secretariat, Bangladesh Bank and Representative of farmers from remote areas were present at the seminar.
Sadid Jamil, Managing Director of Metal Group said, “Metal has been working for the agri-mechanization sector of Bangladesh since 1993. Metal was the first organization to provide loans to the farmers for buying agri-machineries. If the banks and financial institutions also start providing loan to the farmers the agri-mechanization process will accelerate. As a result, production of food grains will increase and poverty will be lessened.”
Dr. Atiur Rahman ended his speech by giving three recommendations on how the banking sector can contribute in agri-mechanization.
He suggested if the bank rate can be reduced from 5 to 4 percent for agri-machinery, then commercial banks will have additional incentive to give more loan to purchase agri-machineries at a lower interest rate through the refinancing program.
In the latest ‘Agricultural and Rural Credit Policy and Program’ of Bangladesh Bank, there was a directive to disburse 10 percent of the total loan to fish culture. If a similar directive could be there to promote agri-machinery, that would have tremendous positive impact on agri-mechanization.
He also mentioned to initiate low interest loan facilities for agri-mechanization similar to what spice cultivators and cattle rearing households enjoy.
