Economic Reporter :
Bangladesh Bank (BB) on Tuesday signed separate agreements with six private banks with a view to facilitating Long-term Financing under Financial Sector Support Project (FSSP) of the World Bank (WB).
The agreement signing ceremony was held at the Bangladesh Bank Head Office premise in the city. Executive Director (FSSP) of BB Md. Ahsan Ullah and the Managing Directors of the banks signed the agreement on behalf of their respective organisations
Under the agreements, the six banks including Eastern Bank Limited, United Commercial Bank Limited, Dhaka Bank Limited, Bank Asia Limited, Social Islami Bank Limited and Export Import Bank of Bangladesh Limited can go for long-term financing of projects in manufacturing sectors of the economy receiving support from this fund.
BB Governor, Dr. Atiur Rahman said that Bangladesh Bank under the auspices of International Development Association (IDA) of the World Bank will provide US$300 million through FSSP which will play pivotal role in meeting the growing demand for long-term financing for productive sectors in the country.
The Governor also opined that the prevailing dearth in investment in the country will diminish and many entrepreneurs will come forward to take the opportunity for this fund. He hoped that that the fund would enable the manufacturing sector to remain competitive and enhance their likelihood for grabbing the emerging business opportunities in the country and thus contribute to the job creation and economic growth of the economy in turn.
Under FSSP fund for long-term financing, the banks can lend money for ventures in the industrial productive sectors for tenure of 3 to 10 years.
Bangladesh Bank (BB) on Tuesday signed separate agreements with six private banks with a view to facilitating Long-term Financing under Financial Sector Support Project (FSSP) of the World Bank (WB).
The agreement signing ceremony was held at the Bangladesh Bank Head Office premise in the city. Executive Director (FSSP) of BB Md. Ahsan Ullah and the Managing Directors of the banks signed the agreement on behalf of their respective organisations
Under the agreements, the six banks including Eastern Bank Limited, United Commercial Bank Limited, Dhaka Bank Limited, Bank Asia Limited, Social Islami Bank Limited and Export Import Bank of Bangladesh Limited can go for long-term financing of projects in manufacturing sectors of the economy receiving support from this fund.
BB Governor, Dr. Atiur Rahman said that Bangladesh Bank under the auspices of International Development Association (IDA) of the World Bank will provide US$300 million through FSSP which will play pivotal role in meeting the growing demand for long-term financing for productive sectors in the country.
The Governor also opined that the prevailing dearth in investment in the country will diminish and many entrepreneurs will come forward to take the opportunity for this fund. He hoped that that the fund would enable the manufacturing sector to remain competitive and enhance their likelihood for grabbing the emerging business opportunities in the country and thus contribute to the job creation and economic growth of the economy in turn.
Under FSSP fund for long-term financing, the banks can lend money for ventures in the industrial productive sectors for tenure of 3 to 10 years.
