microenterprise

ADB to lend $50m for microenterprise development

MNA Business Desk: The Asian Development Bank (ADB) has agreed to lend US$50 million to help Bangladesh promote microenterprise led by women, finance ministry officials said.

The fund will be channelled through Palli Karma Sahayak Foundation (PKSF).

The state-run top financier for micro-lenders will then distribute the funds among small enterprises through its partner organisations (POs).

The interest rate on loans will be determined in line with the ADB’s London interbank offered rate (LIBOR)-based lending facility.

A commitment charge of 0.15 per cent per annum will be levied, reported news agency.

The ADB will provide a credit line to PKSF’s partner bodies to ease short-term funding constraints in microenterprise financing, the Asian lender said in a note.

The ADB will provide the fund in a scheme, known as “microenterprise development project.”

The project aims to provide loans to additional 40,000 micro-entrepreneurs of whom 70 per cent is women.

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