BB to launch Tk 800-900 crore fund for startup entrepreneurs
Bangladesh Bank has initiated the creation of a special fund worth Tk 800-900 crore to assist new entrepreneurs. This fund will be exclusively used to provide capital to startup companies, as stated by Bangladesh Bank Governor Ahsan H Mansur.
He made these remarks during the Startup Connect session at the Bangladesh Investment Summit. The governor also mentioned that a notification regarding the fund will be issued soon. The four-day Bangladesh Investment Summit, organised by the Bangladesh Investment Development Authority (BIDA), began on Monday, April 7, at the Hotel InterContinental.
The summit’s formal opening featured the ‘Empowering Innovation, Connecting Opportunity’ themed Startup Connect session, which saw the participation of both local and international young entrepreneurs.
In the keynote presentation, Tanvir Ali, a Canadian citizen of Bangladeshi descent, emphasized the potential of Bangladesh’s young population. The presentation pointed out that while the demand for innovative startup ventures is growing in the country’s rapidly expanding economy, investment in this sector remains low compared to competing nations.
Mansur stated that the special fund created by Bangladesh Bank to support new entrepreneurs will be distributed through commercial banks. Executive Director Chowdhury Ashik Mahmud Bin Harun also noted that new entrepreneurs face significant challenges, particularly when it comes to obtaining trade licenses and navigating bureaucratic hurdles. Entrepreneurs often encounter difficulties during the annual process of renewing their trade licenses.
He added that more than 500 foreign investors from 40 countries are participating in the summit, with planned visits to economic zones in Chattogram and Narayanganj.
BIDA Chairman remarked that there is no shortage of innovative entrepreneurs in Bangladesh; however, many new entrepreneurs are unable to start businesses due to a lack of startup funds. This is why Bangladesh Bank is forming a startup fund worth Tk 800-900 crore.
The event also featured a virtual message from LinkedIn’s co-founder. Other panelists included Faiz Ahmad Taiyeb, Special Assistant to the Chief Adviser for ICT Affairs, and Shish Haider Chowdhury, Secretary of the ICT Division and Chairman of Startup Bangladesh Ltd.
