IFIC joins Tk 10,000cr BB refinance scheme for agri sector

IFIC Bank PLC has signed a participation agreement with Bangladesh Bank under the Tk 10,000 crore refinance scheme aimed at ensuring food security, increasing agricultural production and generating employment.

Syed Mansur Mustafa, managing director of IFIC Bank, and AKM Sayduzzaman, director of Agricultural Credit Department-2 at Bangladesh Bank, signed the agreement at a ceremony held at the central bank’s headquarters in Motijheel, Dhaka on Sunday, according to a press release.

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Under the “Refinance Scheme for Agricultural and Rural Sector to Increase Agricultural Production and Employment Generation”, eligible farmers, entrepreneurs and customers engaged in productive and income-generating activities across the agricultural and rural economy will have greater access to financing.

The initiative is expected to facilitate the flow of financing to agricultural production while supporting rural economic activities and employment generation.

Through its nationwide network of branches and sub-branches, IFIC Bank provides banking and financing services to customers in agricultural and rural communities.

Participation in the refinance scheme will further expand the bank’s financing support for these sectors and strengthen its contribution to food security, financial inclusion and sustainable economic development.

Rafia Sultana, additional director of Agricultural Credit Department-2 at Bangladesh Bank; Helal Ahmed, chief of branch business and head of operations at IFIC Bank; and Fariha Haider, head of small and medium enterprise (SME), along with other senior officials from both institutions, were also present at the signing ceremony.