Loans at 7 Percent for Frozen Food Exports: NRBC Bank Joins Bangladesh Bank Fund
NRBC Bank PLC has signed an agreement with Bangladesh Bank to provide loan facilities to entrepreneurs in order to develop the country's export-oriented frozen food sector, increase production capacity and strengthen its competitiveness in international markets. The agreement was signed under the central bank's Tk 2,000 crore pre-financing fund.
Under the fund, formed with Bangladesh Bank's own financing, entrepreneurs involved in the production, processing and export of frozen shrimp, fish, fishery products and other frozen food items will receive loans at only 7 percent interest.
The agreement was signed recently at Bangladesh Bank's head office. The central bank's Executive Director Arif Hossain Khan was present at the ceremony.
AKM Saiduzzaman, director of Bangladesh Bank's Agricultural Credit Department-2, and Dr Md Touhidul Alam Khan, managing director and chief executive officer of NRBC Bank, signed the agreement on behalf of their respective institutions.
NRBC Bank's Deputy Managing Director and Chief Business Officer Md Shahin Hawlader and the head of its SME-Agri Business Division, Md Ramzan Ali Bhuiyan, were present. Additional Director Muhammad Ansarul Kabir and Joint Director Tanzia Sultana of Bangladesh Bank, along with senior officials of both institutions, were also in attendance.
Under the agreement, financing through NRBC Bank will create opportunities for collecting raw materials for exportable frozen food products, commercial farming, factory modernisation and the purchase of necessary machinery. The financing can also be used to set up cold storage facilities.
The agreement also notes that the financing will create scope to restart closed or partially closed processing factories.
NRBC Bank PLC said it is working tirelessly for the development of the country's export-oriented industries and to ensure financing facilities for entrepreneurs on easy terms.
