PKSF gets Tk 5,000cr BB fund to create 2 lakh jobs

The Palli Karma-Sahayak Foundation (PKSF) has secured Tk 5,000 crore from Bangladesh Bank (BB) to create jobs by expanding access to finance for targeted microenterprises and boosting economic activity at the grassroots level.

PKSF, a state-owned financial institution, signed an agreement with BB on Wednesday at the central bank’s headquarters in Motijheel, Dhaka, according to a press release.

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Md Fazlul Kader, managing director of PKSF, and Nawshad Mustafa, director of BB’s SME and Special Programmes Department, signed the agreement.

Under the agreement, PKSF will support promising business clusters that have emerged across the country. The initiative aims to create 2 lakh jobs in the microenterprise sector.

The fund will be used on a revolving basis to meet growing demand at the grassroots level and ensure efficient use of the money. It will help maintain a steady flow of finance and strengthen the microenterprise sector as a driver of inclusive economic growth.

On May 23, BB announced the Tk 5,000 crore special stimulus package through PKSF to support targeted initiatives aimed at creating jobs across the country.

PKSF has completed preparations to implement a nationwide programme using the fund. The programme will create jobs in the microenterprise sector by expanding access to finance for targeted businesses and providing other necessary support.

The programme will have three main components -- financial services, business-cluster-based value chain development, and skills development for entrepreneurs.

BB Deputy Governors Md Kabir Ahmed and Md Anis Ur Rahman, Deputy Managing Director Akond Mohammad Rafiqul Islam, and Senior General Manager AKM Nuruzzaman also attended the signing ceremony.