BRAC Bank, iDE to develop light engineering, agri machinery sectors

BRAC Bank and iDE, a USAID development partner, are to create opportunities for SMEs to deepen their financial literacy, and improve their understanding of digital business and financial management systems, expediting their readiness to apply for loans.

This came as BRAC Bank and iDE signed a joint-venture agreement on capacity building of the entrepreneurs of light engineering and Agri machinery sectors, reads a press release.

iDE will also work on customised screening, credit scoring tools, and people development for BRAC Bank. The partnership will also involve arranging workshops on financial capacity development for MSMEs and dealers, loan application requests and loan disbursement. This one-year project will cover different areas of Bogura, Jashore and Cox’s Bazar regions.

BRAC Bank Deputy Managing Director and Head of SME Banking Syed Abdul Momen and iDE CSISA-MEA Vice President–Asia Deepak Dhoj Khadka signed the agreement at iDE Bangladesh Office in Dhaka on 29 May.