FBCCI urges banks to quickly execute the stimulus packages

20 May 2020 7:33 AM
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The trade apex body president made the decision during a virtual ending up in light engineering sector business people

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim on Monday urged banks to come forward to quickly execute the stimulus packages.

He also called for a fairly easy access mechanism to bank credit in a way that all damaged businesses get benefit of stimulus package. 

The trade apex body president made the decision during a virtual meeting with light engineering sector business people.

The FBCCI would  be involved along the way of providing loan facilities to coronavirus-ravaged cottage micro, small and medium enterprises, he said.

Fahim said under such schemes the state-owned banks and the private banks could forge a solid partnership so that they can work together and provide support to various sectors, especially the SME sector.

We don't want to place pressures on banks and other stakeholders. But considering the humanitarian aspect, everyone needs to be sincere, he adds.

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Business leaders sought quick disbursement of fund from the stimulus package.  

On April 5, Prime Minister Sheikh Hasina declared a financial assistance package of Tk 20,000 crore as  working capital loan for cottage, micro, and small and medium enterprises (CMSMEs).

Former FBCCI President Abdul Matlub Ahmad said money should be released within short time for entrepreneurs. Everyone had a need to work together to find the  stimulus package quickly, he added.

Abdur Razzak, President of the Bangladesh Engineering Owners Association said many branches of banks were still closed. If we didn't get the money in time we'd face huge losses. 

SME owners association of Bangladesh President Md Ali Zaman and National Association of Small and Cottage Industries of Bangladesh (NASCIB) president  Mirza Nurul Ghani Shovon attended the discussion.

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