SMEs to get $200 million boost from ADB

DHAKA, Jan 16, 2017 (BSS) - The government will sign on Wednesday a $200 million loan deal with the Asian Development Bank (ADB) for giving a further boost to the country's Small and Medium Sized Enterprises (SMEs).

ADB country director Kazuhiko Higuchi and ERD Secretary Kazi Shafiqul Azam will sign the agreement at the capital's Economic Relations Division (ERD), according to an ERD release.

Under the agreement, the ADB will provide $200 million to finance

various initiatives of the Second Small and Medium Sized Enterprise

Development Project (SMEDP-2).

"For achieving double digit economic growth, promoting the development of the SME sector is considered critical," the ADB said in a document.

Against the backdrop, the project is aimed at accelerating the

development of SMEs, especially SMEs in rural and nonurban areas, by

improving their access to medium- and long-term credit, the development partner said.

Source: Bangladesh Sangbad Sangstha (BSS)