BRAC Bank Limited recently signed an participation agreement for the refinance scheme of Bangladesh Bank worth of BDT 300 crore for boosting the jute sector through ensuring reasonable price for the growers.
Under Bangladesh Bank’s refinance scheme, BRAC Bank Limited will provide easy term credit to the millers and traders who purchase raw jute from the farmers. Without financing, the millers and traders do not usually show much appetite to purchase just after the harvest. The refinancing with subsidized rates will help ensure reasonable price for the farmers.
Chowdhury Akhtar Asif, deputy managing director of BRAC Bank Limited, exchanged documents with Md. Habibur Rahman, general manager of Agricultural Credit Department, Bangladesh Bank. Al-Amin, head of local corporate, S M Saiful Islam, head of Agriculture and MFI Finance of BRAC Bank Limited, were also present at the agreement signing ceremony held at Bangladesh Bank recently.