Abrar A Anwar, CEO of Standard Chartered Bangladesh and Aditya Shome, Managing Director of Marico Bangladesh Ltd sign an agreement of supply chain finance program in the city recently. Under this agreement dealers of Marico will get financing facility fro

Economic Reporter :Standard Chartered Bangladesh has recently launched 'Supply Chain Finance' program (SCF) - a financing program for the dealers and suppliers of its corporate clients. This is a global product program offered to deliver bank's collective agenda on 'Banking the eco system', which is about deepening the relationship with corporate clients, and their buyers and suppliers.In this context the bank has recently signed an agreement with Marico Bangladesh Ltd. Abrar A Anwar, CEO of the bank, Bangladesh part and Aditya Shome, Managing Director of Marico Bangladesh Ltd signed the agreement on behalf of their respective companies. Mohammad Iqbal Chowdhury, Director - Finance and Corporate Affairs of Marico Bangladesh, Apurva Jain, Head of Transaction Banking of Standard Chartered, Mohammad Enamul Huque, Head of Commercial Banking of Standard Chartered and other senior officials of the two companies were also present in the ceremony. Standard Chartered bank is the first foreign bank to launch such program in Bangladesh market. Under this program the dealers of Marico will get financing facility from Standard Chartered Bangladesh with easier terms to purchase goods from Marico.

Micro, small and medium enterprises or MSMEs will be the key drivers in Bangladesh's transition to an upper middle income status, the central bank governor said yesterday.

“The global financial crisis acutely reminded us that we need two growth engines: export and domestic demand. Fortunately, we have been working on both of these engines by empowering MSMEs,” Atiur Rahman said at a conference on development of MSMEs in Bangladesh.

Southeast University organised the event chaired by Vice Chancellor Prof Anwar Hossain.

In Bangladesh, MSMEs account for 24 percent of total credit portfolio, 25 percent of total labour force, 32 percent of GDP, 40 percent of employment and 80 percent of industrial jobs, Rahman said.

“We have a young population who needs more and better jobs. We have actively leveraged our financial system for empowerment initiatives in agriculture, MSME, women entrepreneurship, and green financing,” Rahman said. These initiatives have created jobs and underpinned the country's domestic demand, he said.

He also highlighted what Bangladesh Bank has done to provide regulatory and financial support to MSMEs. He said the BB worked on both demand and supply-side constraints relating to MSMEs.

The central bank launched a dedicated department for SMEs in 2009. A target-based and market-friendly lending approach was instituted in 2010, Rahman said.

The BB has created its own refinancing window for MSME women entrepreneurs, dedicating at least 15 percent of total lending. They can receive collateral-free loans of up to Tk 25 lakh. Total SME lending tripled between 2010 and 2015, reaching more than 7.25 lakh recipients, Rahman said.

“You will also be happy to know that since 2010, credit disbursement always exceeded the target.”

Banks and financial institutions have been asked to ensure that small entrepreneurs receive at least 40 percent of their total SME portfolio, according to Rahman.

All banks and NBFIs have been asked to open a “Women Entrepreneurs Development Unit” in its head office and branch offices. “Also, we have a policy of group-based lending of Tk 50,000 or above, targeting micro women entrepreneurs,” he said.

Qimiao Fan starts tomorrow as the World Bank’s new country director for Bangladesh, Bhutan and Nepal, according to a news release of the organisation.

In his first visit to Bangladesh tomorrow, Fan will accompany Annette Dixon, World Bank South Asia vice president, who will introduce Fan to the government of Bangladesh. During her visit, Dixon along with Fan will also meet the finance minister and other senior government officials, the release informed.

“Bangladesh has made significant gains in development in recent years. I am looking forward to working closely with the government and people of Bangladesh in realizing their goal of achieving middle-income status by 2021,” said Fan. “The World Bank will continue working with the government to maintain economic stability; strengthen revenue mobilization; tackle energy and infrastructure deficits; deepen financial-sector and external trade reforms; improve labor skills, economic governance, and urban management; and helping with the adaption to climate change.”

In his current role as the World Bank Country Director for Bangladesh, Fan will oversee the finalisation and implementation of the World Bank Group’s Country Partnership Framework for Bangladesh, which is now the largest recipient of support from the International Development Association (IDA) providing World Bank grants and low interest loans to the poorest countries. In pursuing the World Bank Group’s mission of eliminating poverty and promoting shared prosperity, he will also lead the policy dialogue with government counterparts, civil society and other partners, the news releases reads.

The 104th branch of Bank Asia Ltd started its operation in the district town of Brahmanbaria on Thursday.

MP from Brahmanbaria-3 constituency RAM Obaidul Muktadir Chowdhury formally inaugurated the new branch at Sadar Hospital Road, said a press release.

Chairman of the Board Executive Committee of the bank Rumee A Hossain, Director M Irfan Syed and President & Managing Director (current charge) Aminul Islam were, among others, present.

Members of the business community, local elite and a large number of people also attended the auspicious event.

The new branch has all modern banking facilities, including on-line banking and ATM, the release added.

First Security Islami Bank Ltd organised 3-day long workshop on Banking Law & Regulation and Legal aspect of Security & Documentation at First Security Islami Bank Training Institute on Wednesday.

Syed Waseque Md. Ali, Managing Director of the bank inaugurated the workshop.

Forty Seven (47) officers of Branches of Dhaka Zone participated in the training.

The ceremony was presided over by Atiur Rahman, Principal, FSIBL, Training Institute.

Among other Muhammad Lutful Haque, VP and Faculty Member, FSIBL Training Institute was also present on the occasion.