Bangladesh Bank Announces Tk 600 Billion Stimulus Fund to Revive Closed Factories

 

Bangladesh Bank Announces Tk 600 Billion Stimulus Fund to Revive Closed Factories

Bangladesh Bank has announced a Tk 600 billion (Tk 60,000 crore) stimulus package aimed at reviving the country’s economy by reopening closed factories and industrial units.

The announcement was made on Saturday by Bangladesh Bank Governor Md Mostaqur Rahman during a press conference held at the central bank headquarters.

The governor said the special fund is expected to help create employment opportunities for around 2.5 million people across different sectors of the economy.

Interest Rate and Funding Structure

Speaking at the briefing, the governor said the government would provide a 6 percent interest subsidy on loans issued under the programme, while borrowers would receive loans at a 7 percent interest rate.

Of the total Tk 600 billion package, commercial banks will provide Tk 410 billion, while the remaining Tk 190 billion will come from a refinancing scheme managed by Bangladesh Bank.

Focus on Key Sectors

In addition to reopening shuttered factories, the fund will support financing for the agriculture sector, garment industry, cottage, micro, small and medium enterprises (CMSMEs), environmentally friendly projects, and the creative economy sector.

Officials said the initiative is expected to boost GDP growth and expand employment opportunities nationwide.

During the press conference, Governor Md Mostaqur Rahman also alleged large-scale financial irregularities in the banking sector.

“Tk 5 trillion has been stolen from the country. One-third of the loans have disappeared. There are not enough assets against these loans,” he said.