Bangladesh Bank Governor Md Mostaqur Rahman has said a Tk62,000 crore incentive package has been announced to ease the severe financial pressure on entrepreneurs caused by high bank lending rates.

He said bank lending rates currently stand at around 12 to 14%, making it a major challenge for entrepreneurs to run businesses and achieve success.

“To address the situation, we have taken measures to provide financing at lower interest rates under various incentive packages,” he said.

The governor made the remarks as the chief guest at an exchange meeting at the auditorium of the Primary Teachers’ Training Institute (PTI) at Bheripara intersection in Rajshahi city on Friday.

The meeting was organised to discuss the implementation of Bangladesh Bank’s announced incentive packages aimed at reviving private-sector activity.

The divisional commissioner and deputy commissioner of Rajshahi, businesspeople, chamber leaders, government officials and bank officials attended the meeting. Bangladesh Bank Rajshahi Office Executive Director Muhammad Badiuzzaman Didar chaired the meeting.

The governor said a scheme titled “Udyog” was being planned to harness the enthusiasm and participation of young people in the country’s economic activities.

“Considering the enthusiasm, energy and participation we have recently seen among the country’s youth, we have planned the ‘Udyog’ scheme to channel that strength into economic activities,” he said.

Under the scheme, 10 entrepreneurs will be selected from each upazila, with a target of creating 5,000 young entrepreneurs across the country. The scheme is currently in its pilot phase and is expected to begin operations in November.

Mostaqur Rahman also said the Tk10,000 crore refinancing scheme would allow alternative collateral instead of conventional land or immovable property to ensure that more genuine and marginal farmers could access the facility.

He expressed hope that a Tk3,000 crore refinancing scheme would help make the entire agricultural value chain in northern Bangladesh more efficient and dynamic, covering production, storage, marketing, processing and exports to international markets.