BRAC Bank to help boost BD jute sector

The golden fibre of Bangladesh gets a boost as a refinancing scheme is to ensure reasonable price for the growers. Jute has traditionally been a cash crop for the farmers. The sales revenue provides much needed cash stream after harvest and also throughout the year. Under Bangladesh Bank's refinance scheme, BRAC Bank Limited will provide easy term credit to the millers and traders who purchase raw jute from the farmers. Without financing, the millers and traders do not usually show much appetite to purchase just after the harvest. The refinancing with subsidized rates will help ensure reasonable price for the farmers. This came as BRAC Bank Limited signed the Participation Agreement for the refinance scheme of Bangladesh Bank worth BDT 300 crore for jute sector. Chowdhury Akhtar Asif, Deputy Managing Director, BRAC Bank Limited, exchanged documents with Md. Habibur Rahman, General Manager, Agricultural Credit Department, Bangladesh Bank. Al-Amin, Head of Local Corporate; S M Saiful Islam, Head of Agriculture and MFI Finance; BRAC Bank Limited, were also present at the agreement signing ceremony held at Bangladesh Bank recently.

— Statement