Bangladesh bank: Bangladesh Bank (BB) will provide financing and support to 5,000 young entrepreneurs every year under its new "UDYOG" programme aimed at identifying, developing, and financing potential young entrepreneurs at the upazila level. Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan announced this at a press conference held at the Motijheel office.
According to Bangladesh Sangbad Sangstha, the Executive Director mentioned that initially, the programme will launch in 64 upazilas across eight districts, selecting 10 young entrepreneurs from each upazila, amounting to a total of 640 beneficiaries. The programme will eventually expand to other districts, setting an annual target of supporting 5,000 young entrepreneurs.
Each selected entrepreneur will receive a financing package of up to Tk 20 lakh based on actual requirements. Half of the package will be provided as a bank loan, while the other half will be a grant. The customer-level interest or profit rate will range from 4 to 7 percent, and no collateral will be required.
The programme will also offer entrepreneurship development training, mentoring, assistance in business registration, business-plan preparation, and market-linkage opportunities. The initiative is expected to significantly contribute to employment generation and overall economic development, as a successful small entrepreneur generally creates three to five jobs.