$65m Citibank loan for revival of rural economy

Citibank NA, a Washington based global bank operating in Bangladesh, has been disbursing US$ 65 million (equivalent to around Tk500crore) loans through non-governmental organisations (NGOs) for reviving the rural economy, especially for the rehabilitation of the Sidr-affected people.
The bank has already released more than Tk 100 crore through four NGOs and more than Tk 400 crore would be released by January, said Citi group's Country Officer and Managing Director of Citibank N A, Bangladesh Mamun Rashid at a press conference in Dhaka yesterday.
He said the total amount of the credit will be disbursed through seven NGOs across the country with a tolerable interest rates set by the central bank under its Micro Credit Regulatory Authority (MCRA) guidelines.
“The time for relief operation in the Sidr-hit areas is over. Now, the time has come for rehabilitation. So, the NGOs assigned for the credit disbursement have been specially directed to take extra care in such disbursement in the affected areas,” Mamun told the press meet at the National Press Club.
Besides the officials from Citibank, representatives from Uddipon, HQ Group, Meghna Group, Square Group and PNR Fashions spoke.
The bank officials and employees had paid an extensive visit to the affected areas and distributed relief materials including 7500 pieces of clothes, 2000 bottles of drinking water and kitchen utensils over the last few days.
Initially, the bank's volunteers covered two villages --- Paarerhat and Shankarpasha---in Pirojpur district, he said, adding that the bank has also a plan to re-build the damaged educational institutions in two upazilas, probably one in Pirojpur and the other in Bagerhat district.