IPDC Finance Limited has successfully disbursed Tk700 million of the stimulus package for businesses, entrepreneurs and CMSMEs, as per the directives of the Bangladesh Bank.
IPDC completed the disbursement before the deadline set by the Bangladesh Bank, according to a press release issued by the company.
The central bank instructed banks and non-banking financial institutions to disburse the stimulus package by 31 October, 2020. IPDC achieved the target by 27 October, added the press release.
For implementing the initiative, IPDC, in coordination with the Bangladesh Bank's officials, came up with a solicited list of potential customers based on their portfolio and perspective during the Covid-19 situation.
Out of the Tk700 million disbursement amount, IPDC distributed TK447.25 million, or 63.89% of the total amount among CMSMEs.
The company also disbursed Tk195.5 million, Tk57.25 million, Tk56.6 million, and Tk164.9 million, respectively, among medium enterprises, CMS (Trading) plus women and rural entrepreneurs.
While disbursing the stimulus package, IPDC prioritised women and rural entrepreneurs, deeming them the worst affected by the pandemic. The initial targets to be disbursed among the two groups were 5% and 15%, respectively, of the total amount. However, IPDC later exceeded their targets and distributed 8.09% and 23.5 6% of the total amount to the respective sectors.
Regarding this, Mominul Islam, managing director and CEO of IPDC Finance, said, "Working alongside the government for a sustainable economy and standing by those who took the worst blows of the pandemic is of the highest priority to IPDC. We, as a responsible institution, will always be there in the nation's need, doing our part in moving the economy forward."
Rizwan Dawood Shams, Deputy Managing Director of IPDC Finance Ltd, said, "With utmost priority, IPDC managed to disburse the full amount before the deadline, not only achieving our targets but also taking care of our clients."