A US$10 million Micro, Small and Medium Enterprise (MSME) funding scheme in Bangladesh would help boost job creation, raise income and increase investments in human capital.
The MSME funding scheme of SAARC Development Fund (SDF) is going to launch comes under its Economic Funding Window, which has earmarked an amount of US$10 million to be disbursed under the MSME funding scheme in Bangladesh.
The MSME loan shall be extended to MSME specialized banks in Bangladesh, said a media release.
“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 Bangladesh.
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 Dr Sunil Motiwal, chief executive officer of SDF.
SDF is 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 the South Asia.
Dr Motiwal emphasized on the need to create an integrated, poverty-free and prosperous South Asia region through project funding and collaboration.
The Fund is working to promote regional cooperation and integration in the SAARC region.