Midland Bank’s Special Loan Arrangement for Socially Disadvantaged People

Midland Bank Limited (MDB) recently signed a Loan Agreement with Palli Karma Unnayan Sangstha (PKUS), a Micro Finance Institution (MFI) in the country, licensed by MRA, under Bank’s new MSME Loan product “MDB NGO Link” in the Jahangir Alam Conference Hall of Bangladesh Bank in the presence of The Honorable Governor of Bangladesh Bank Dr. Atiur Rahman as Chief Guest. Md. Ahsan-uz Zaman, Managing Director & CEO of Midland Bank and Mr. Md. Yunus Khan, Executive Director of PKUS has signed the agreement on behalf of their respective organizations.
Under this agreement, Bank is going to finance the underprivileged people through PKUS; a local MFI NGO working in Barisal, Patuakhali and Jhalakathi districts. Target people are 3rd Gender (hizra), Socially Disadvantaged Group, Disabled persons and Ethnic Groups of the society who have become entrepreneurs with the capacity building support of PKUS. Purpose of the loan is to improve the lives of the target underprivileged people and bring them into the economic main stream of the country with access to capacity building and bank loan under NGO Linkage Program. It is 1st time in the banking sector where Midland Bank Limited has taken initiative to extend special financial arrangement to the very disadvantaged people of the society. Under the agreement, Bank will finance Tk.1.00 crore (Taka one crore) to PKUS @ 7.00% interest under re-finance scheme of Bangladesh Bank and then PKUS will relend the bank’s fund @ 10.00% p.a. among its target beneficiary members. Governor Dr. Atiur Rahman disbursed loan to 08 under privileged entrepreneurs during the ceremony.
The Managing Director of MDB in his speech explained in detail the features of the Loan Facility. He reiterated Bank’s commitment in bringing in more customized and attractive echo-friendly products soon, targeting the SME Sector. PKUS ED expressed his happiness with the MDB loan and thanked MDB for extending their hand for the disadvantaged entrepreneurs.
As Chief Guest, Dr. Atiur Rahman expressed his satisfaction about the Bank’s commitment towards the deprived People of the Society, and thanked MDB for being a pioneer in financing disadvantaged entrepreneurs.
A number of Print and Electronic Media personnel were present in the ceremony along with High Officials of BB, MDB and other financial organizations.

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