Dhaka, Bangladesh (BBN) – Citibank, N.A. Bangladesh has signed an agreement with TMSS, a leading microfinance institution recently to disburse special agricultural loans to selected farmers in the country.
Under the deal, Citi Bangladesh has disbursed approximately BDT 7.0 million to TMSS at a very low interest rate of only 1.00 per cent to support farmers. TMSS will disburse the loan to the farmers at 4.00 percent to cultivate special crops which include maize, lentils, oilseeds and spices.
This initiative is in support of Bangladesh Bank’s special Agricultural Lending Program launched in fiscal year 2011 – 2012 to partially support such low interest rate lending for import substitute agriculture items.
Managing Director and Citi Country Officer of Bangladesh, Rashed Maqsood presented the signed agreement to TMSS Executive Director Professor Dr. Hosne-Ara Begum.
Citi Bangladesh Head of Financial Institutions Group, Nuzhat Anwar, TMSS Deputy Executive Director, Mohammed Khairul Islam and TMSS Deputy Executive Director, Abdul Quader, were also present along with other senior officials from both the organizations.
BBN/SSR/AD-26Feb12-12:05 pm (BST)