Citizens Bank, BB team up to boost agri financing

Citizens Bank PLC has signed a participation agreement with Bangladesh Bank’s Agricultural Credit Department-2 under the “Refinancing Scheme for the Agriculture and Rural Sector”.

Alamgir Hossain, managing director of Citizens Bank PLC, and AKM Sayduzzaman, director of the Agricultural Credit Department-2 of Bangladesh Bank, signed the agreement at the BB headquarters in Motijheel, Dhaka recently, according to a press release.

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Under the agreement, agricultural entrepreneurs associated with Citizens Bank PLC will have access to loans at concessional interest rates under Bangladesh Bank’s refinancing scheme.

The initiative will facilitate affordable financing for agricultural entrepreneurs and rural-based enterprises, enabling them to expand their businesses, enhance production capacity and create new employment opportunities, particularly in rural areas.

The facility is expected to contribute to the sustainable growth of the agricultural sector by improving access to finance and supporting rural economic activities.

Through its participation in the refinancing scheme, Citizens Bank PLC has reaffirmed its commitment to strengthening the country’s agricultural sector, promoting rural development and contributing to sustainable economic growth.

Among others, Md Abdul Latif, deputy managing director of Citizens Bank PLC; Bijoy Chandra Das, senior vice-president and head of the SMR and marketing division; and Rafia Sultana, additional director of the Agricultural Credit Department-2 of Bangladesh Bank, along with other officials from both institutions, attended the signing ceremony.