Shimanto Bank signs Bangladesh Bank agreements to strengthen CMSME financing

Under the schemes, entrepreneurs can access financing at an annual interest rate of 7 percent

Shimanto Bank has signed participation agreements with Bangladesh Bank under the Cluster Financing Scheme and the FSFDMSME Refinancing Scheme to strengthen financial support for cottage, micro, small and medium enterprises (CMSMEs) across the country.

The agreements were signed at the Jahangir Alam Conference Hall at the Bangladesh Bank headquarters in Dhaka in an event chaired by Deputy Governor Nurun Nahar, according to a media statement.

Managing Director and CEO Md Nurul Azim signed on behalf of Shimanto Bank, while Nawshad Mustafa signed for Bangladesh Bank.

Others attending the event included Executive Director Husne Ara Shikha, Chief Risk Officer Muhammed Didarul Islam and Head of SME Banking Md Faridul Islam.

Under the schemes, CMSME entrepreneurs will be able to access financing at a concessional annual interest rate of 7 percent, aimed at improving access to affordable funding for small businesses and entrepreneurs.

The initiatives are expected to expand financing support for cluster-based industries, micro and small enterprises, and underserved CMSME sectors, with the goal of promoting sustainable economic growth and employment generation, the statement read.