Bangladesh Commerce Bank handed over corona incentive loan approvals and checks to VASHA Foundation

Published: 12 Jan, 2021

The Jubilee Road Branch of Bangladesh Commerce Bank Limited has funded the “Voluntary Activities for Social & Human Advancement Foundation (VASHA Foundation)” under the Corona incentive announced by the Honorable Prime Minister of the Government of the People’s Republic of Bangladesh.

With the support of Bangladesh Bank, Bangladesh Commerce Bank Limited has provided this funding for the distribution of micro-credit among low-income professionals, farmers and marginal / small traders affected by the Novel Corona virus. A Memorandum of Understanding (MoU) was signed between Bangladesh Commerce Bank Limited and VASHA Foundation on December 12, 2020. Later, Bangladesh Commerce Bank Limited officially handed over the grant and check to the VASHA Foundation.

Earlier, a Bangladesh Bank circular said, “Economic activities in Bangladesh are being hampered due to the outbreak of Novel Corona Virus (Covid-19). As a result, the country’s low-income professionals, farmers and marginal / small traders are not able to conduct their income generating activities. The contribution of the country’s low income professionals, farmers and marginal / small businesses to the rural economy is undeniable. A scheme has been formulated by Bangladesh Bank to ensure the economic activities of the marginalized people affected by the corona virus and ensure inclusive development through financial inclusion activities. Bangladesh Commerce Bank Limited has financed to VASHA Foundation, a non-governmental development agency (NGO) certified by the Bangladesh Microcredit Regulatory Authority (MAA) under this scheme to distribute microcredit among the country’s low-income professionals, farmers and marginal / small traders.The loan will be distributed by VASA Foundation in the 6 police stations and upazila areas of Chattogarm district.

Mohammad Arif Uddin, Manager of Jubilee Road branch of Bangladesh Commerce Bank, Parimal Kanti Pal, Executive Director of VASA Foundation, Jahedul Islam, Operations Manager, etc. attended the signing ceremony of MoU and handing over of checks held at Jubilee Road Branch of Bangladesh Commerce Bank Limited.

Speakers at the event expressed hope that such financial inclusion activities would enable the economic activities of marginalized communities affected by the corona virus to continue.