Govt nods draft law for more BSCIC loan to SMEs

The government has given the go-ahead to a draft law that aims to expand BSCIC’s lending facilities to small and medium enterprises.

The Cabinet approved the ‘Bangladesh Small and Cottage Industries Corporation (Amendment) Act 2014 at a meeting held on Monday with Prime Minister Sheikh Hasina in the chair.

After the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters that BSCIC acted as the ‘patronising authority’ of small and cottage industries.

“But demand for BSCIC support to SMEs has been been created as the sector is holding huge potential,” he added.

The senior official said amendment to the law aims to facilitate BSCIC support to medium and micro industries, apart from small and cottage industries.

He said the draft law provided for a nine-member advisory panel besides its board of directors.

The panel would comprise government and private sector representatives.

Bhuiyan said BSCIC had so far developed 74 industrial estates which accommodated 5,714 units. The industrial units had employed around 455,000 people.

The official said the corporation patronised 930,000 more industrial units outside BSCIC estates.

New law for NADP

The Cabinet also approved the draft of another law that will govern the National Planning and Development Academy (NADP).

With the enactment of the ‘National Planning and Development Academy (NADP) Act 2014, the academy will be a statutory organisation, Bhuiyan said.

“Earlier it was Planning and Development Academy. It was renamed the National Planning and Development Academy in 2009. It is being governed by Government Education and Training Institution Ordinance of 1961,” he added.