New Farm Loan Policy Announced
Thursday, 22 July 2010

The central bank has announced 'Agriculture Loan Policy' with a target of distributing Tk 12,600 crore to the farmers in this fiscal year, which is around 9.5 percent of the current national budget and 9.6 percent higher than last year's.

Bangladesh Bank governor Atiur Rahman announced the policy at a press conference at the bank's office on Wednesday. Deputy governors of the bank Murshid Kuli Khan and Ziaul Hasan Siddiqui were also present at the press briefing.

"The state-run specialised banks, commercial banks, private banks, overseas banks, Bangladesh Rural Development Board (BRDB) and Bangladesh Sambay Bank Ltd will be assigned to distribute the loan," Atiur said.

A separate 'cell' will be created in the relevant banks to facilitate loan recovery, he said.

Under the new policy, bulk of the loan will go to crop, fish and livestock sectors. But some new sectors like orange, strawberry, betel leaf, honey, tissue culture and high yielding crops will also be covered.

In addition, jute and palm oil farmers will get priority during the loan distribution, the governor said.

The new policy will also give loans for pulse, oilseeds and maze production as it is inadequate for country's demand.

Stressing the role of irrigation in agriculture development, Atiur said, "Loan will be given for purchase of solar irrigation machine."

He said the loan will be distributed through bank account opened against agriculture equipment assistance card to ensure transparency.

The Bank's loan programme has been a success, he claimed, adding, the target for distribution of agriculture loan was set at Tk 11,500 crore for 2009-10 fiscal year; of which, a total of Tk 11,117 crore was distributed which was around 97 percent of the target.

Source: bdnews24.com

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