City Bank founder Deen Mohammad passes away
Prominent Industrialist and Chairman of Phoenix Group Deen Mohammad passed away at a hospital in Dhaka early yesterday. He was 83.Deen Mohammad, also the founder of City Bank, breathed his last at Anwer Khan Modern Hospital around 1:00am due to old age complications and Covid-19 infection.
Born on August 3, 1938, in Dhaka’s Lalbagh area, Deen Mohammad was a man on a mission.His mission had started in 1960 through hardware business with only Pakistani Rs 5,000 he got from his father.Later, he established himself in the business arena both in the country and abroad.In continuation of his success, he had established one after various business organisations and had created employment for thousands of people.He was the founder chairman of Phoenix Group of Industries, which is associated with Phoenix Textile Mills Ltd, Phoenix Spinning Mills Ltd, Phoenix Fabrics Lit, and Eastern Dyeing and Calendaring Works Ltd.Today Phoenix Group has nearly 20,000 employees, according to Shoeb.Deen Mohammad had served as chairman of the PICL between 2000 and 2006 and was also the founder chairman of and director of The City Bank Ltd, Phoenix Finance and Investment Ltd, and Phoenix Securities Limited.He was the proprietor of Apollo Steel and a partner in the real estate company Rupayan Group.
He had earned a huge name and fame in the business community for his honesty, integrity, dedication, hard work, and a high degree of sense of responsibility.He was a lifelong member of Dhaka Club Ltd, Gulshan Club Ltd, Uttara Club, and Rotary Club.Deen Mohammad will be remembered always through his contribution to trade and commerce, job creation, and industrialisation in the country.
Brac Bank to get $30m IFC loan
International Finance Corporation (IFC), a member of World Bank Group, is set to provide Brac Bank a $30 million loan to come to the aid of small and medium enterprises (SMEs) and larger companies hit hard by the impacts of the Covid-19. The investment will help to keep businesses open and preserve jobs, which is critical to sustaining the Bangladeshi economy, said the IFC, which is the largest global development institution focused on the private sector in emerging markets, in a statement. With the financing, Brac Bank is expected to extend loans to its SME and corporate customers, supporting businesses that were now coping with a new wave of Covid-19 in Bangladesh. “Brac Bank promotes businesses of all sizes but as the pioneer of SME banking, we are particularly conscious of the needs of SMEs and micro-enterprises that play a vital role in driving economic growth and employment-generation,” said Selim RF Hussain, managing director and CEO of Brac Bank. “The Covid scenario is challenging and at the same time difficult for both banks and their SME and corporate customers. We hope that the partnership with the IFC would help us continue supporting the Covid-impacted businesses and help them recover,” he said.
The financing package is part of the IFC’s $8 billion global Covid-19 fast-track financing facility to support companies during the ongoing public health crisis. This new investment comes under the Working Capital Solutions (WCS) programme of the Covid-19 response envelope, which is providing $2 billion globally to emerging-market banks, enabling them to support struggling firms. This project will also be supported by the International Development Association’s Private Sector Window Blended Finance Facility, which is also supporting the IFC’s WCS programme with a first-loss guarantee of up to $215 million in eligible countries.
SME Foundation to disburse Tk 300cr
The SME Foundation will disburse Tk 300 crore from a second stimulus package for micro, small and medium enterprises (MSMEs) to help accelerate the country’s economic recovery from Covid-19.Loans will be provided from the fund at 4 per cent interest to entrepreneurs in the MSME sector, according to a statement from the organisation.Of the total fund, Tk 100 crore will be disbursed within the current fiscal year while the remaining Tk 200 crore will be divided up in the next. The SME Foundation recently signed agreements with 11 banks and non-bank financial institutions (NBFI) to provide the loans.
The lenders are: BRAC Bank, Premier Bank, Mutual Trust Bank, Bank Asia, Southeast Bank, Dhaka Bank, Dutch Bangla Bank, Prime Bank, BASIC Bank, IDLC Finance, and LankaBangla Finance.Of the total loan, 25 to 30 per cent will be allocated for female entrepreneurs.The foundation has also signed agreements with some state-run lenders, such as Bangladesh Krishi Bank and RajshahiKrishiUnnayan Bank, to provide loans from the fund in remote areas.On March 21 this year, the SME Foundation approved the policy and guidelines for this loan programme.
One notable point of the policy is that emphasis will be placed on small and medium enterprises in rural and marginalised areas that struggled to survive the ongoing coronavirus pandemic.Besides, MSME entrepreneurs from all sectors who did not receive loans under the first stimulus package will be given priority. The physically challenged, third gender and new entrepreneurs, including those in remote areas, will also be eligible for this facility.The entrepreneurs can avail loans between Tk 1lakh to Tk 75 lakh, which will be repayable in 24 monthly instalments.The banks concerned will approve disbursals following the submission of a borrower’s application form along with other required documents.Loans will also be disbursed for jointly owned enterprises. However, a maximum of five entrepreneurs can receive the loan under one group depending on the bank-customer relationship.Following consultation with partner banks and financial institutions, the SME Foundation will determine the focal officials in one or more branches that are convenient for entrepreneurs.These focal officials will work to coordinate disbursements with the SME Foundation, the bank’s head offices and branches, and entrepreneurs.All micro, small and medium entrepreneurs have been urged to contact their banks, associations, trade bodies concerned or the SME Foundations to avail this opportunity without delay.