The state-run specialised financial institution—Karmashangsthan Bank - distributed loans amounting to Taka 4.38 billion among 69,000 youths across the country for job creation in 2009 and 2010.

Of the total amount, Taka 1.92 billion was disbursed among 29,00 youths in 2009 and Taka 2.46 billion among 40,000 youths in 2010.

A total of 250,000 people were benefited directly and indirectly from the loans given without collateral and on a nominal rate of interest, said official sources.

Seventy-one new branches of the bank were opened at the upazila level in last two years to spread its activities up to the field level.Chairman of the Board of Directors of Karmashangsthan Bank

Maniruzzaman Khondakar told BSS that the bank is implementing the Prime Minister’s pledge to make the youth self-reliant by providing them with loans on low interest rate.

“Loan is a right’ - this slogan is being implemented by the Bank, he said adding only this bank is offering loans at 8 per cent interest in the country.

Bank’s Managing Director Dr Mohammad Nurul Huda Chowdhury said unlike the commercial banks, Karmashangsthan Bank is not giving emphasis on profit, but on reaching the loans to a greater number of unemployed youths to make them self-reliant.

Source: Daily Sun/Bangladesh/14 Jan 2011