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The central bank has extended by three months the loan period of a special fund called ‘Special Refinancing Incentive Scheme in Agriculture’ for farmers to cope with the losses of the agricultural sector due to the coronavirus. Banks will be able to disburse these loans until March 2021. The maximum interest rate on this loan for a period of 18 months (with a grace period of 6 months) is 4 percent.
The Bangladesh Bank’s Agricultural Loan Department issued a circular in this regard on Tuesday.
He said that the deadline for disbursement of loans by the bank at the consumer level has been extended until March 31 for the smooth implementation of the refinancing scheme of special incentives in the agricultural sector. Previously, the term for the disbursement of loans in this special fund was until December 31 of this year.
Earlier, in a video conference on April 12, Prime Minister Sheikh Hasina announced a special Rs 5 billion incentive for farmers to address the damage to the agricultural sector caused by the coronavirus. Following this, the Bank of Bangladesh issued a policy to formulate and operate a refinancing scheme of Tk 5,000 crore for the purpose of providing working capital in the agricultural sector.
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