• Thursday, Dec 01, 2022
  • Last Update : 10:24 am

Agri-stimulus funds must now be disbursed by Mar 31

  • Published at 06:38 pm December 29th, 2020
Farm loan agri stimulus 2020

The deadline was extended for smooth implementation of the incentive fund for the agriculture sector, said the central bank notice on Tuesday

The central bank has further extended the deadline for disbursement of the Tk 5,000 crore stimulus package for the pandemic-hit agricultural sector to March 31 next year. 

The previous deadline was set to expire on December 31. 

The BB extended the deadline for smooth implementation of the incentive fund for the agriculture sector, said the notice issued on Tuesday. 

As many as 43 banks in April signed participation agreements with the BB on disbursing farm credit from the low-cost stimulus fund. The BB also set separate targets for those banks to disburse the low-cost loans. 

High officials at the BB expressed their dissatisfaction over the slow disbursement of loans to the agriculture and the cottage, micro, small and medium enterprise sector from the stimulus funds at a virtual meeting with the banks on September 2. 

To tackle the economic losses caused by the outbreak of the deadly virus, the BB on April 14 launched a Tk 5,000-crore stimulus fund for the agriculture sector. 

The tenure for the loans was set at 18 months, including a grace period of six months.

Banks will borrow the funds at 1 per cent interest rate and lend at 4 per cent to farmers in line with the BB guidelines. 

The stimulus fund did not reach the marginal farmers due to collateral issues and bureaucratic complexities in the banks, according to experts.

 

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