BRAC Bank earns BB recognition for fulfilling credit disbursement target

Bangladesh Bank has recognized BRAC Bank for its outstanding role in successful and timely disbursement of agriculture refinancing credit under Covid-19 Stimulus Package, BRAC Bank said in a statement.

Bangladesh Bank Governor Fazle Kabir handed over a certificate of recognition to BRAC Bank Managing Director and CEO Selim RF Hussain at a ceremony held at Bangladesh Bank on Wednesday. BRAC Bank Deputy Managing Director and Head of SME Banking Syed Abdul Momen and senior officials of Bangladesh Bank were also present.

Bangladesh Bank initiated a Tk 5,000 crore refinancing scheme to provide farmers with operating capital in view of the pandemic.

The bank made proactive efforts to help the farmers hit hard by the Covid-19 pandemic secure much-needed funding. The refinancing with lesser interest rate greatly helped the farmers overcome the losses and make a strong comeback offsetting impact of the pandemic.

BRAC Bank’s extensive SME network and large team enabled the bank to successfully meet the target in agriculture credit.

Appreciating Bangladesh Bank’s commendation, Selim RF Hussain said, “We appreciate Bangladesh Bank for making BRAC Bank an implementation partner of the agriculture refinancing scheme. We express our gratitude for continuous guidance and policy support from Bangladesh Bank which was instrumental to fulfilling the target.”

“As an SME-focused bank, BRAC Bank is committed to ensure easy access to finance to the entrepreneurs at the grassroots. In view of the pandemic, we have redoubled our efforts to provide much-needed fund to the farmers and SMEs. This easy term credit under refinancing scheme has rejuvenated the agriculture sector which is the lifeblood of economy,” he added.