Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has issued a license after nearly five years to Agrani SME Financing Company Limited to facilitate the country's small and medium enterprises (SME) sector, officials said.
"We've issued the license to the company in compliance with the finance ministry's advice," a senior official of the Bangladesh Bank (BB) on Sunday, adding that the company will act to keep SME of the small enterprises development project functioning, particularly in the capital Dhaka.
On September 07, 2006 the BB issued license to a Bangladesh-Malaysia joint venture non-banking financial institution to facilitate specially the pilgrims for performing Hajj and Umrah.
The state-run Agrani Limited has already started preparation to launch its non-banking financial institution (NBFI) operation, which will emerge as 30 NBFIs in the country.
"We expect that the new NBFI will come into operation by the end of this month," a bank official said, adding that an audit firm has been appointed to asses the assets and liabilities of the project, which started its journey in 1996, under the ministry of finance.
The company will have a five-member board of directors - two from the Agrani Bank Limited, two independent, approved by the ministry of finance and managing director of the company.
BBN/SI/AD-07Feb11-1:41 am (BST)