BRAC Bank signs agreement with BB on refinance scheme

BRAC Bank has signed a participation agreement with Bangladesh Bank (BB) to avail "Refinance Scheme for Ship Building Industry" in line with the government's 'Ship-Building Industry Development Policy 2021'. 

This low-cost Tk2,000 crore refinance scheme has been introduced for the development, management and promotion of the ship-building Industry in Bangladesh to ensure sustainable development of the shipping industry, increase export earnings & employment and gradually reduce import dependence, reads a press release.

Arief Hossain Khan, director, Department of Offsite Supervision, Bangladesh Bank; and Selim RF Hussain, managing director & CEO, BRAC Bank; signed the agreement at a ceremony at Bangladesh Bank head office in Dhaka on 25 January, in presence of AKM Sajedur Rahman Khan, deputy governor of Bangladesh Bank.

Md Anwarul Islam, executive director of Bangladesh Bank; Tareq Refat Ullah Khan, deputy managing director & head of corporate banking at BRAC Bank; were also present.

As a founding member of Global Alliance of Banking on Values (GABV), BRAC Bank has always been one of the biggest borrowers of various revolutionary funds introduced by Bangladesh Bank. Similarly, BRAC Bank aims to channel a sizable portion of this low-cost fund to support top-tier conglomerates and local entrepreneurs; who can utilise Bangladesh's marine resources, forging an effective partnership for expanding the shipping industry at the domestic, regional and international levels.