Pubali Bank joins BB’s Tk 3,000cr refinance fund for agri-economy

Pubali Bank PLC has signed a participation agreement with Bangladesh Bank to join the BB’s Tk 3,000 crore refinance fund aimed at developing agriculture-based specialised economic hubs in the country’s northern region and accelerating agricultural and rural economic activities.

AKM Saiduzzaman, director of the Agricultural Credit Department-2 at Bangladesh Bank, and Chowdhury Abdul Waheed, general manager and head of the CMSME Division at Pubali Bank PLC, signed the agreement at BB headquarters in Motijheel, Dhaka recently, according to a press release.

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Under the refinance facility, financing will be expanded in the districts under the Rajshahi and Rangpur divisions for agricultural production, development of fisheries and livestock, storage, marketing and processing of agricultural products, as well as agriculture-based industries and cottage, micro, small and medium enterprise (CMSME) initiatives.

By participating in this Bangladesh Bank initiative, Pubali Bank PLC will further strengthen its role in expanding access to financing for farmers, agriculture-based entrepreneurs and the CMSME sector in northern Bangladesh.

The initiative is expected to contribute to increased agricultural production, the development of modern agriculture-based industries, stronger supply chains and the creation of new employment opportunities, while further strengthening the country’s food security and sustainable rural economy.

Md Kabir Ahmed, deputy governor of Bangladesh Bank, and Arief Hossain Khan, executive director and spokesperson of the central bank, also attended the programme, along with other officials from both financial institutions.