Bangladesh Bank on Wednesday said that only one entrepreneur from a family would be eligible for getting financial assistance from Equity and Entrepreneurship Fund of the central bank for implementing agro-based and food processing projects.
In a circular issued on the day, the central bank said that the authorities had decided not to provide project assistance from EEF to more than one member of a family.
An applicant would have to provide the names of the family members along with the expression of interest, it added.
According to the Bank Company Act-1991, family members mean husband, wife, parents, children, siblings and all dependent of a person.
The BB took the decision following allegations that there had been incidents where people from the same family applied for the fund under fictitious names and then embezzled the money.
The central bank has also increased the project cost for capital machinery-based food processing projects and agro-based projects to Tk 12 crore from the existing Tk 10 crore, the circular said.
The proportion of the entrepreneur’s equity and EEF assistance will remain 51:49, it added.
-With New Age input
