EFPF: SIBL inks participation deal with Bangladesh Bank

Social Islami Bank Limited (SIBL) on Sunday signed a participation agreement with the Bangladesh Bank (BB) to be a part of the Export Facilitation Pre-finance Fund (EFPF) of Tk 10,000 crore.

The central bank has formed the massive fund for exporters to continue developing and expanding export-oriented industries, reads a press statement.

Bangladesh Bank Governor Abdur Rouf Talukder formally handed over the agreement document to SIBL Managing Director and CEO Zafar Alam.

Abu Farah Md Nasser, deputy governor, Bangladesh Bank, was present as special guest, and senior officials from both organisations were also present on the occasion.

Under the fund, exporters will be able to take loans in local currency against the purchase or import of raw materials at an interest rate of 4%. The tenure of the loan will be 180 days.

However, the interest rate will be 1.5% for banks, according to a central bank release.