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Bangladesh Bank will provide a total of Tk 600 billion (60,000 crore) to Small and Medium Enterprises (SMEs) by 2023 to ensure economic resilience that will enhance GDP, employment, and inclusive development, reports UNB.

Deputy governor of the central bank Abu Farah Md Naser said this at a virtual dialogue titled "Creating Resilient Recovery for Businesses through Enhancing Investment Opportunities: A Case of Southwest Bangladesh."

Business Initiative Leading Development (BUILD) with support from the PROKAS programme of the British Council organised the dialogue.

As the chief guest of the programme, Md Naser also said the bank has taken the initiative to extend the timeline of the current stimulus package by 2023.

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"Some Tk 20 billion (2,000 crore) collateral-free loan opportunity for SMEs made available under the credit guarantee scheme should be utilised as much as possible," he added.

He cited the example of City Bank's Leno financing model that uses digital technology to process loan applications in the shortest possible time and encouraged other banks to follow the example.

For banks operating in grassroots level, he encouraged digital technology to ensure that loan evaluation and processing can be managed in the shortest possible time.

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