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Four banks in Bangladesh have agreed to increase loans to help tanners purchase raw hides during Eid-al-Adha.
Bangladesh’s state-owned commercial banks, Sonali, Agrani, Janata and Rupali, have agreed to give out an extra BDT7 billion (approx $90 million) in loan to help tanneries purchase the bulk of their annual hides and skins during Eid-al-Adha, the Islamic festival taking place today (September 24).
This is roughly BDT2 billion (US$25.75 million) more than last year.
M Farid Uddin, Managing Director of Rupali Bank, told local media the leather sector had good repayment records but that applicants would be closely considered to keep out possible defaulters.
Other banks are also giving out credit to small traders such as state-owned Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank and BASIC Bank as well as private National Bank and City Bank.