Rajshahi Krishi Unnayan Bank (RAKUB) has disbursed Taka 60-crore loans to the cottage, micro, small and medium enterprise (CMSME) sector under the government's stimulus package in country's northwest region in the last 2020-2021 financial year.
The government announced the bailout package for the CMSME sector with an aim to help the stakeholders overcome the Covid-19 fallout and the RAKUB attained 100 percent target in terms of disbursing the CMSME loan.
RAKUB Managing Director Abdul Mannan said the loans were disbursed among 1,478 entrepreneurs to revive their CMSMEs that have been badly affected by COVID-19 impact in almost all 16 districts under Rajshahi and Rangpur divisions. He said Bangladesh Bank (BB) has allocated Taka 60 crore to RAKUB for he sector in two phases.
Under the stimulus package, 160 women entrepreneurs received Taka 7.64- crore loan assistance.
Abdul Mannan said the money from the fund has been disbursed among small and medium-scale farmers, including those in the poultry and dairy sector, in rural areas, at five percent interest. "Small and medium-scale farmers in rural areas received loans from the und, and they are using the money to yield agricultural products, flowers, fruits, fish and poultry," he added.In the current 2021-22 fiscal year, BB has also provided Taka 50 crore to RAKUB for distribution to the CMSME sectors and it has already disbursed 70 percent of the targeted loan. "We are very much hopeful about attaining the cherished targets of disbursing loans in these sectors within the stipulated time," he added.
Small and marginal women entrepreneurs and others who were not capable of paying collateral are being given priority in terms of disbursing CMSME loans. CMSME promotion is very important for reducing the existing gap between rural and urban areas besides recouping the losses caused by the adverse impact of the corona pandemic.RAKUB has set a target of disbursing agricultural loans of TK 3,000 crore in the country's northwest (NW) region during the current fiscal year to help increase crop production and boost rural economy.
The specialised commercial bank will distribute the loans through its 383 branches in all 16 districts under the two divisions.
Target has also been set to recover loans of TK 2,600 crore, including classified loans with TK 580 crore, and raise deposit collection to TK 500 crore, he said. Abdul Mannan said target has been fixed to disburse loan of TK 950 crore for crop production, TK 150cr for fisheries, TK 250 crore for livestock, TK 10cr for farm and irrigation machinery, TK 750cr for CMSME, TK 540 crore continuous loan, TK 50 crore for microcredit and poverty alleviation and TK 300 crore for others during the current fiscal.
As the largest development partner in agriculture as well as agro-based industry sector of the northwest Bangladesh, currently, the bank has adopted the effective work plan which is being implemented at the grassroots level to
attain all the targets within the stipulated time.
Meanwhile, BB has given a letter of appreciation to RAKUB commending them for implementing incentive packages announced by Prime Minister Sheikh Hasina.
Bangladesh Bank Governor Fazle Kabir handed over the accolade to RAKUB Managing Director Abdul Mannan at the bankers' meeting held at BB's Jahangir Alam auditorium on December 28 last.
RAKUB received the letter of appreciation for distributing 100 percent CMSME loans of the incentive package.