FE Today Logo

SDF to launch $10m MSME funding in BD

January 10, 2019 00:00:00

The SAARC Develop-ment Fund (SDF) is going to launch a $10 million Micro, Small and Medium Enterprise (MSME) funding scheme in Bangladesh.

The project is aimed at boosting job creation, raising income and increasing investments in human capital, a statement said on Wednesday, reports BSS.

The MSME funding scheme comes under the Economic Funding Window of SDF, which has earmarked an amount of $10 million to be disbursed under the MSME funding scheme in the country.

The MSME loan will be extended to MSME specialised banks in Bangladesh.

"MSMEs account for a significant share of employment and GDP in Bangladesh and as such it is important for SDF to launch its MSME funding scheme in the country. The MSME funding scheme shall be used to fund export-oriented clusters in Bangladesh to promote economic integration and regional cooperation in the entire SAARC region," said Chief Executive Officer of SDF Dr Sunil Motiwal.

SDF was established by the heads of the eight SAARC Member States in April 2010 as an umbrella financial institution for SAARC projects and programme in the SAARC region.

The fund works for promoting the welfare of the people of the region, improving their quality of life and accelerating economic growth, social progress and poverty alleviation in South Asia.

Dr Motiwal emphasised on the need to create an integrated, poverty-free and prosperous South Asia region through project funding and collaboration.

Share if you like