Bangladesh Bank has announced a Tk 62,000 crore incentive package to ease the pressure on entrepreneurs caused by high bank lending rates, Bangladesh Bank Governor Mostaqur Rahman has said.

He said bank lending rates currently stand at around 12 to 14 percent. Running a business with loans carrying such high interest rates is a major challenge for entrepreneurs. To address the situation, arrangements have been made to provide financing at lower interest rates under various incentive packages.

The governor made the remarks as the chief guest at a discussion meeting held at the auditorium of the Primary Teachers’ Training Institute (PTI) in Bheripara intersection area of Rajshahi city on Friday (October 2). The meeting was organised to implement Bangladesh Bank’s announced incentive packages aimed at reviving momentum in the private sector.

The divisional commissioner and deputy commissioner of Rajshahi, businessmen, chamber leaders, government officials and representatives of various banks attended the meeting. Bangladesh Bank Rajshahi Office Executive Director Mohammad Badiuzzaman Didar chaired the event.

Highlighting an initiative to create young entrepreneurs, the governor said the enthusiasm and participation recently demonstrated by young people could be channelled into economic activities. With this objective, a scheme titled ‘Udyog’ has been planned. Under the scheme, 10 entrepreneurs will be selected from each upazila, with a target of creating a total of 5,000 young entrepreneurs. The scheme is currently at the pilot stage and is scheduled to begin operations in November.

Mostaqur Rahman said an alternative collateral facility has been included in the Tk 10,000 crore refinancing scheme so that more genuine and marginal farmers can benefit, instead of relying solely on conventional collateral such as land or other fixed assets.

He also expressed hope that a Tk 3,000 crore refinancing scheme would help make the entire agricultural value chain in northern Bangladesh more effective and dynamic—from production and storage to marketing, processing and export to international markets.