Eastern Bank Ltd (EBL) has launched a new lending product titled ‘EBL Nobodoy’ to finance the emerging agro-based industries of the country.

Dr. Atiur Rahman, governor Bangladesh Bank, launched the ‘EBL Nobodoy’ at Cox’s Bazar on Friday, says a press release. Ali Reza Iftekhar, managing director and  chief executive officer, Md. Khurshed Alam, head of SME business, Anwar Faruq Talukder, head of small business, Ziaul Karim , head of marketing of EBL, and Mrinal Sircar, programme manager, and Taif Ul Islam,  of South Asian Enterprise Development Facility-IFC were also present.

Launching this innovative financial product, Bangladesh Bank governor Dr Atiur Rahman encouraged other financial institutions to create need-based initiatives that promote climate-change mitigation projects. “Farmers being able to generate their own electricity will also help reduce the diesel subsidy being provided by the government,” he added. Ali Reza Iftekhar, managing director of Eastern Bank Ltd, said “Our bank is dedicated to sustainable development. Sustainability is the cornerstone of everything that we do.

We are committed to finance businesses that invest in green technology and will continue exploring innovative ways aiming at improving local communities and the environment.”“EBL NOBODOY” is targeted to facilitate finance to the very emerging agro-based industries where million numbers of rural entrepreneurs are working. Target market is also thirty six agro based priority sectors including bio pesticide, bio gas and power generating industry from husk of rice, poultry dung and cow dung etc.

An entrepreneur can avail up to Tk 1 million loan without any collateral security. For above Tk one million and upto Tk seven million 30-50 per cent of the availed loan amount as FDR to be provided. The loan is repayable in equal monthly instalments within maximum five years period. Interest rate is 10 per cent per anum. EBL has taken a special project in association with South Asian Enterprise Development Facility, managed by IFC to provide finance to poultry farmers under ‘EBL Nobodoy’ for converting poultry waste to bio-gas and electricity.

The Daily Independent/Bangladesh/ 8th Jan 2012