Zakia Sultana, senior secretary of the Ministry of Industry, said that the Ministry of Industry has an important role to play in facing the economic challenges of the future. We need to prepare from now to face the economic challenges of transition from LDCs to the fourth industrial revolution. Productivity enhancement, patents and quality assurance are essential for promoting our products in the global market along with increasing export earnings. In this regard, National Productivity Organization (NPO), Directorate of Patents, Designs and Trademarks (DPDT) and Bangladesh Accreditation Board (BAB) have a responsible and far-reaching role under the Ministry of Industry.
Senior Secretary, on 11th June 2024 Tuesday, in the Ilisha conference hall of Hotel Holiday Inn, Tejgaon, Dhaka, he said these things in the speech of the special guest at the signing ceremony of SME Foundation’s agreement with banks and financial institutions for the purpose of disbursing loans in the 3rd phase from the revolving fund under the SME Foundation’s credit wholesaling program.
President of SME Foundation Professor Dr. Md. Under the chairmanship of Masudur Rahman, Abdur Rahman Khan FCMA, Secretary of the Financial Institutions Department of the Ministry of Finance also spoke as a special guest. Salahuddin Mahmud, managing director of SME Foundation, gave a welcome speech on the occasion. On behalf of the representatives of banks and financial institutions, President of Bankers Association of Bangladesh and Managing Director of BRAC Bank Salim RF Hossain and Managing Director of Sonali Bank Md. Afzal Karim
Senior Industry Secretary said, we are moving forward on the path of sustainable industrialization as a result of the implementation of industry-friendly policy framework and appropriate action plan by the Ministry of Industry. He said that the implementation of 112.24% of the annual development program of the Ministry of Industry has been possible, in the last 63 years this year the maximum is 23 lakh 36 thousand 530 May. Tons of salt have been produced, about 17 per acre this year. Up to 82 metric tons of local production of sugarcane has resulted in an increase of about 10,000 metric tons of sugar and an export income of US$ 1.25 billion in the leather industry. During the past 2009-2023, 17 laws, 23 policies, 12 rules and 6 guidelines have been formulated and updated by this ministry.
Abdur Rahman Khan FCMA, Secretary of the Financial Institutions Department of the Ministry of Finance as a special guest, said, SME Foundation has been providing unsecured loans to CMSMEs through various banks and financial institutions since 2009 through a specialized program like ‘Credit Wholesaling’. A revolving fund will be set up with the money returned from the government after the disbursement of Tk. In the 2nd round of revolving fund, 294 crore rupees were distributed in favor of 2,978 entrepreneurs till June 30-2023 through 20 banks and financial institutions. Whereas the loan disbursement rate in favor of women entrepreneurs is 25% and the disbursement of loans in manufacturing and service sectors is 75%. SME Foundation has signed an agreement with banks and financial institutions for the purpose of disbursing loans in the 3rd phase from the revolving fund. Disbursement of loans from the Revolving Fund will further stimulate the SME sector and through this the Foundation has established its identity in financing CMSMEs with new dynamism.
It is to be noted that under SME Foundation’s credit wholesaling program, SME Foundation will lend Tk 450 crore from the revolving fund in the 3rd phase. An entrepreneur will get a loan from a minimum of Tk 1 lakh to a maximum of Tk 25 lakh. However, entrepreneurs will get a loan of up to 50 lakh rupees for the purchase of capital equipment. According to the new advice of the finance department, the interest rate of this loan will be only 6%.
For this purpose, SME Foundation has signed agreements with 23 banks and financial institutions. CEOs of 19 partner banks and 4 financial institutions signed the agreement with the Managing Director of SME Foundation. The banks and financial institutions are, Sonali Bank, Bangladesh Krishi Bank, Rajshahi Krishi Unyaan Bank, Employment Bank, BRAC Bank, Bank Asia, Dhaka Bank, Eastern Bank, Mutual Trust Bank, NRB Commercial Bank, Mercantile Bank, Prime Bank, The Premier Bank. , City Bank, Southeast Bank, Shahjalal Islami Bank, Bengal Commercial Bank, United Commercial Bank, Trust Bank, IDLC Finance, IPDC Finance, Lanka Bangla Finance and United Finance.