Prime Bank joins BB refinance schemes to support small businesses

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Star Business Desk

Nawshad Mustafa, director of the SME and Special Programmes Department of Bangladesh Bank, and Faisal Rahman, acting CEO of Prime Bank PLC, pose for a photograph after signing the agreements at the BB headquarters in Motijheel, Dhaka recently. Photo: Prime Bank

Prime Bank PLC has signed participation agreements with Bangladesh Bank under two key refinance initiatives -- the Cluster Financing Scheme and the Financial Sector Fund -- aimed at strengthening access to finance for micro, small and medium enterprises (MSMEs).The initiatives reflect a shared commitment to empowering cottage, micro, small and medium enterprises (CMSMEs), widely regarded as the backbone of Bangladesh’s economy.By improving access to affordable and timely financing, the schemes aim to boost entrepreneurship, create jobs, and support sustainable industrial growth across the country.The Financial Sector Fund, a Tk 1,500 crore revolving fund supported by Bangladesh Bank, is designed to facilitate business expansion and modernisation through competitive financing terms.Complementing this, the Tk 3,000 crore Cluster Financing Scheme focuses on developing geographically concentrated business clusters, enabling enterprises to benefit from shared resources, improved efficiency, and stronger market linkages.Faisal Rahman, acting CEO of Prime Bank PLC, and Nawshad Mustafa, director of the SME and Special Programmes Department of Bangladesh Bank, signed the agreements at the central bank’s headquarters in Motijheel, Dhaka recently, according to a press release.Speaking at the event, Rahman said CMSMEs are at the heart of the country’s economy and their growth is essential for inclusive development.“Through these refinance schemes, we are not just extending financing -- we are enabling dreams, strengthening entrepreneurs, and supporting businesses to grow in a sustainable way,” he said.“Prime Bank is particularly keen on supporting cluster-based enterprises, where collective strength can unlock greater productivity, innovation, and market access,” he added.Both Bangladesh Bank and Prime Bank reaffirmed their commitment to ensuring effective implementation of the schemes in line with regulatory guidelines, with a focus on transparency, efficiency, and meaningful impact for CMSME entrepreneurs across Bangladesh.Nurun Nahar, deputy governor of the central bank, attended the signing ceremony.Husne Ara Shikha, executive director of Bangladesh Bank; M Nazeem A Choudhury, additional managing director of Prime Bank PLC; and Shaikh Nur Alam, head of small business and refinance; along with other senior officials from both institutions, were also present at the event.