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Entrepreneurship promotion vital for bolstering economy

RAJSHAHI, Dec 29, 2017 (BSS)- Senior bankers at a meeting here on Thursday stressed the need for boosting investment in Small and Medium Enterprise (SME) sector.

They termed the SME sector as labour-intensive and viewed that successful promotion of the sector could be the effective means of alleviating poverty and generating employment opportunity to accelerate economic growth.

The bankers said SME is very important for reducing the existing gap between the rural and urban areas.

The observation came at the 16th board meeting of SME Financing Company Limited, a subsidiary company of Rajshahi Krishi Unnayan Bank (RAKUB), held at its Board Room.

With Nazrul Islam, Chairman of RAKUB and also chairman of the company governing body, in the chair, board members Sayeed Kutub, Prof Rustam Ali Ahmed, RAKUB Managing Director Muin Uddin, General Managers Muzammel Haque and Khandaker Golal Mostofa and member-secretary and company chief executive officer Fazlul Karim took part in the discussion.

SME loan worth more than Taka 20.50 crore was disbursed among around 24,000 entrepreneurs in 40 upazilas of Rajshahi, Chapainawabgonj, Natore, Naogaon, Pabna, Sirajgonj, Bogra, Joypurhat and Kurigram districts during the first five months of the current 2017-18 fiscal year. The recovery rate is around 99 percent, the meeting sources said.

The loans are being disbursed with the main thrust of creating an intensive investment scope for the agro-based SMEs in the light of the government industrial policy.

Various business fields especially software, agro-processing and its business, agriculture, plantation, fisheries, poultry, tissue culture, leather goods, health service and diagnostic centres and education services have been selected for investment as small and medium enterprise loans.

The speakers asked the company to expedite the SME credit program through intensifying motivational, awareness building and monitoring activities to make the program a success.