Economic Reporter :
ONE Bank Ltd. (OBL) selected to disburse the fund of Financial Sector Support Project (FSSP) of the central bank.
OBL along with three private commercial banks have signed the agreement with the central bank on Thursday.
Bangladesh Bank, in association with the World Bank, has created a fund, primarily to the tune of USD 300 million, with a view to enhance access to long term financing in foreign currency mainly for private manufacturing firms.
Under the Agreement, ONE Bank, as one of the participating financial institution, will be able to offer foreign currency loan to its designated eligible borrowers at a much lower rate for a longer term.
Among the first 4 Banks, ONE Bank Limited has been selected by Bangladesh Bank as an eligible Participating Financial Institution and a Participating Agreement has been executed for Long Term Finance Facility under Financial Sector Support Project.
Deputy Governors SK Sur Chowdhury and Nazneen Sultana were present at the agreement signing ceremony. Senior Officials of ONE Bank Limited were also present at the signing ceremony.
Actually, Bangladesh Bank is implementing the Financial Sector Support Project (FSSP) with the financial assistance of the International Development Association of World Bank. Implementation period of the project started from July 1, 2015. Under the “Supporting Long-term Financing Facility” component of the project, Bangladesh Bank would provide Long-term Financing Facility in foreign currency to the manufacturing entities through Participating Financial Institutions. The size of the fund is around $ 300 million out of which 87 per cent would be borne by the World Bank and the rest would be provided by BB from its own fund.
ONE Bank Ltd. (OBL) selected to disburse the fund of Financial Sector Support Project (FSSP) of the central bank.
OBL along with three private commercial banks have signed the agreement with the central bank on Thursday.
Bangladesh Bank, in association with the World Bank, has created a fund, primarily to the tune of USD 300 million, with a view to enhance access to long term financing in foreign currency mainly for private manufacturing firms.
Under the Agreement, ONE Bank, as one of the participating financial institution, will be able to offer foreign currency loan to its designated eligible borrowers at a much lower rate for a longer term.
Among the first 4 Banks, ONE Bank Limited has been selected by Bangladesh Bank as an eligible Participating Financial Institution and a Participating Agreement has been executed for Long Term Finance Facility under Financial Sector Support Project.
Deputy Governors SK Sur Chowdhury and Nazneen Sultana were present at the agreement signing ceremony. Senior Officials of ONE Bank Limited were also present at the signing ceremony.
Actually, Bangladesh Bank is implementing the Financial Sector Support Project (FSSP) with the financial assistance of the International Development Association of World Bank. Implementation period of the project started from July 1, 2015. Under the “Supporting Long-term Financing Facility” component of the project, Bangladesh Bank would provide Long-term Financing Facility in foreign currency to the manufacturing entities through Participating Financial Institutions. The size of the fund is around $ 300 million out of which 87 per cent would be borne by the World Bank and the rest would be provided by BB from its own fund.
