Bangladesh Bank (BB) on Wednesday signed separate Participating Financial Institutes (PFI) agreements with nineteen commercial banks and five Financial Institutions (FIs) to promote the country's private sector and foreign direct investment (FDI).
BB inked the agreements for implementing the "Foreign Direct Investment Promotion Project" aimed at accelerating the country's economy through increasing FDI from Japan, said a press release, reports BSS.
BB Governor Fazle Kabir attended the agreement signing ceremony as the chief guest while Japan International Cooperation Agency (JICA) Bangladesh Office Chief Representative Takatoshi Nishikata and BB Deputy Governor Abu Hena Mohammad Razee Hassan, among others, were present at the function.
On December 2015, BB and JICA signed a loan agreement to provide Japanese yen 7,109 million, from that 7,033 million on-lending Japanese yen, loan fund with a view to accelerating economic development of Bangladesh by promoting the private sector investment in the country and FDI from Japan through the implementation of the development project.
Under the fund, participating banks and FIs will be provided with refinance or pre-finance for disbursing loans to the enterprises having Japanese investment and Bangladeshi enterprises in business relation with Japanese enterprises supporting their opportunity mainly in the manufacturing sector for short to long term duration..