EEF split into two funds
Friday, 8 June 2007
FE Report
The existing Equity Entrepreneurship Fund (EEF) has been split into two funds - Agriculture Equity Entrepreneurship Fund (AEEF) and IT Equity Entrepreneurship Fund (IEEF) - and allocation of Tk 1.0 billion has been proposed for each of them.
In his budget speech Thursday the Finance and Planning Adviser AB Mirza Azizul Islam also said: "Apart from the proposed AEEF, credit support to the tune of Tk 1.50 billion has been proposed for development of agro-based industries in the proposed budget for the fiscal 2007-08."
The proposed credit will be channeled through Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, BASIC Bank and Karma Sangsthan Bank, he said.
The finance adviser also proposed for an endowment allocation of Tk 1.0 billion for the newly established small and medium enterprises (SME) Foundation.
Bangladesh Small and Cottage Industries Corporation (BSCIC) has also taken initiatives to create a Trust Fund for providing industrial loans to which the government will allocate Tk 230 million, he said.
"In a populous country like ours, it is extremely essential to stimulate labour-intensive small and medium enterprises (SMEs) requiring less capital," Islam said stressing the need for supporting the SMEs.
He, however, said that the growth of this sector is sluggish due to constraints in access to finance.
The existing Equity Entrepreneurship Fund (EEF) has been split into two funds - Agriculture Equity Entrepreneurship Fund (AEEF) and IT Equity Entrepreneurship Fund (IEEF) - and allocation of Tk 1.0 billion has been proposed for each of them.
In his budget speech Thursday the Finance and Planning Adviser AB Mirza Azizul Islam also said: "Apart from the proposed AEEF, credit support to the tune of Tk 1.50 billion has been proposed for development of agro-based industries in the proposed budget for the fiscal 2007-08."
The proposed credit will be channeled through Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, BASIC Bank and Karma Sangsthan Bank, he said.
The finance adviser also proposed for an endowment allocation of Tk 1.0 billion for the newly established small and medium enterprises (SME) Foundation.
Bangladesh Small and Cottage Industries Corporation (BSCIC) has also taken initiatives to create a Trust Fund for providing industrial loans to which the government will allocate Tk 230 million, he said.
"In a populous country like ours, it is extremely essential to stimulate labour-intensive small and medium enterprises (SMEs) requiring less capital," Islam said stressing the need for supporting the SMEs.
He, however, said that the growth of this sector is sluggish due to constraints in access to finance.