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Tk 600cr SME fund proposed

Star Business Report
Finance Minister AMA Muhith has proposed raising the small and medium enterprise (SME) fund from Tk 500 crore to Tk 600 crore in FY 2009-10 national budget.
The proposed budget has a provision to invest undisclosed money in different sectors, including light engineering sector. A VAT exemption for rural small industries was also proposed.
“We are committed to the development of small and medium enterprises (SMEs). Because these enterprises can make important contribution to the economy by ensuring local value addition and producing exportable surpluses and helping employment generation in a big
way,” said Muhith.
"We have proposed raising the SME fund fromTk. 500 crore toTk 600 crore. In order to keep the domestic demand buoyant alongside exports, steps have been taken to make the operation of the funds with the Bangladesh Bank more comprehensive, strengthened and effective," he added.
At the same time, the government has taken initiative to provide SMEs better access to capital sourcing, where credit and refinancing facilities would be provided through Bangladesh Bank (BB).
“In order to bring dynamism in this initiative, BB has created three funds with the seed money of Tk. 1,000 crore to provide refinancing facilities against loans disbursed by the commercial banks and other financial institutions,” the minister said.
Already 19 banks and 23 nonbank institutions are receiving the refinancing facilities from the central bank.
A new investment financial institution, dedicated for industrialisation, will be set up in the next financial year through the merger of Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Shanghta, Muhith said.
BB has already declared policy with regard to allowing all banks and financial institutions to open SME service centres for further expansion of the sector.
“Women entrepreneurs will receive priority in this area. At least 15 percent of the allocation will be earmarked for them and the rate of
interest will be only 10 percent," said the finance minister.
He also said that the government would facilitate SME entrepreneurs with adequate training programme and necessary information.
SMEs would also get substantial duty exemptions for the imports of basic raw materials and a cut in import duty on base metals, the main input for light engineering, to the lowest possible level.
“In a labour-surplus country like ours, small and medium enterprises, cottage industries, selfemployment and self-motivated economic activities will be the key fundamentals to our overall development. We are committed to providing all possible incentives to support those activities," added the finance minister.