Dhaka: Finance and Planning Minister Amir Khosru Mahmud Chowdhury on Tuesday assured that the country’s financial sector would operate independently, with a clear commitment to free the sector from any political interference in investment and loan allocations. Speaking as the chief guest at the launch of the inaugural fund of the Bangladesh Startup Investment Company (BSIC) at a city hotel, the Minister emphasized the government’s firm decision to refrain from meddling in financial matters.
According to United News of Bangladesh, the BSIC marks a historic shift in the country’s entrepreneurial landscape, with 39 commercial banks jointly launching Bangladesh’s first institutionally managed venture capital platform. The platform, with an initial capital of Tk 425 crore, aims to reduce the startup ecosystem’s dependence on foreign funding.
Minister Amir Khosru highlighted that Bangladesh is entering a new phase of economic transformation where productivity, technology, and private-sector innovation will be the primary growth drivers. He expressed confidence in the potential of young entrepreneurs to build globally competitive institutions, as reflected in the establishment of BSIC.
Bangladesh Bank Governor Md. Mostaqur Rahman stressed the importance of discipline, transparency, and accountability as the next phase of development unfolds. From July, all business establishments are required to implement Bangla QR code for transactions to enhance digital inclusion.
In addition to the banks’ initial Tk 425 crore investment, Bangladesh Bank will provide an additional Tk 500 crore as a refinancing fund for venture capital. The fund was formed by banks contributing 1 percent of their net profits from the last five years, establishing a continuous investment cycle covering Seed, Late Seed, and Series-A rounds.
Mashrur Arefin, BSIC Chairman and Managing Director of City Bank PLC, noted that while Bangladesh’s startup sector has raised over $1 billion since 2010 through more than 450 deals, less than 7 percent of that capital came from domestic sources. Arefin stated that BSIC is an institutional platform bridging local trust with global venture standards and will extend beyond tech startups to include small and medium enterprises (SMEs).
The event attracted high-profile international venture capital firms such as Wavemaker Partners (Singapore), 500 Global, ADB Ventures, and Sturgeon Capital, among others. To ensure global standards, Sami Ahmed, former General Partner at B Capital, has been appointed as an advisor to the BSIC board.
BSIC announced plans to complete its first three investments before the end of 2026 and aims to appoint a Managing Director and a Chief Investment Officer by the third quarter of this year to streamline its investment committee. Experts believe this organized entry of domestic banks into the venture capital space will strengthen corporate governance and enhance the attractiveness of local startups to foreign partners.