Alliance Finance gets BB funds for CMSME

Alliance Finance PLC has signed a participation agreement with Bangladesh Bank (BB) to provide working capital refinancing for the cottage, micro, small and medium enterprise (CMSME) sector.

Under the scheme, eligible borrowers will be able to access financing at an annual interest rate of 9 percent, according to a press release.

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Kanti Kumar Saha, chief executive officer of Alliance Finance PLC, and Md Zabdul Islam, director of Bangladesh Bank’s SME and Special Programmes Department, signed the agreement at the central bank’s headquarters in Motijheel, Dhaka recently.

The agreement follows two other participation agreements recently signed between Alliance Finance and Bangladesh Bank’s Sustainable Finance Department for refinancing facilities targeting the information and communication technology (ICT) sector and green factory buildings.

The facilities offer eligible borrowers loans at annual interest rates of 4 percent and 5 percent, respectively.

Sayful Islam, head of SME at Alliance Finance PLC, along with other senior officials from both organisations, also attended the signing ceremony.