Bangladesh Bank (BB) has revised guidelines easing its policy and definition of cluster financing to grow specialized products in a specific area in the country. SME & Special Programmes Department of BB issued the new guidelines in a circular on Sunday and sent it to the top executives of banks and financial institutions (FIs) for the immediate execution of credit policy in cluster financing. The order stated that the central bank is giving priority to cottage, micro, small and medium enterprises (CMSMEs) so that the labor-intensive small sector can grow based on local raw materials in developing specific products. Also read: BFIU sought illegal money information from Swiss banks repeatedly: BB At least 50 such small enterprises in 5 square kilometers area in the rural areas of the country will be treated as cluster financing areas. Banks and financial institutions will disburse credit to the enterprise in easy conditions and lowest collateral guarantee. Banks and FIs have to disburse minimum 10 per cent credit in the cluster financing of their total disbursement loans of the CMSMEs sector till December 2022. It will be increased by 1 per cent each year till 2024. Banks and FIs can make separate rules and regulations in line with BB policies to boost the small sector. The SME sector has played a vital role in the economic development of some prosperous countries in Asia. The neighboring countries have also given due importance on SMEs. Terming SME as ‘employment generate machine’ they stressed SME development for higher economic growth, narrowing the gap of income inequality and poverty alleviation. The present government has also put much emphasis on the development of SME sector considering it as ‘the driving force for industrialization, the circular stated. As per the BB policy, Tk 50,000 to 50 lakh can be disbursed to a single enterprise of cluster financing areas-based capacity. For more participation of women entrepreneurs in the industrial development of the country and for conducting business activities by women entrepreneurs in large numbers, priority shall have to be given to potential women entrepreneurs in respect of SME credit disbursement. Also read: Credit card spending soars with increasing living costs: BB document Banks and FIs will put the highest priority on receiving loan applications from small and medium women entrepreneurs and settle the loan disbursement process within a very reasonable time from the date of acceptance of the application, the cluster financing guidelines said.

Amid the rise in Omicorn variant of Covid-19 cases worldwide, the Directorate General of Health Services (DGHS) issued a 15-point guideline to prevent the highly-transmittable African variant of the virus. These are: - Health examining and screening of passengers arriving from Omicorn-hit countries have to be strengthened at all ports - All social, political, religious and other gatherings have to be discouraged - If anyone goes out of home s/he has to maintain all health protocols, including proper mask wearing - Restaurants to be allowed to offer in-person dining at half of their capacities or below that - Tourist spots, recreation centres, resorts, community centres, theatres and movie halls will operate at half of their capacities - Maintaining health protocols and wearing mask need to be ensured in all worship places, including mosques - Maintenance of health guidelines have to be ensured at public transport - 14-day quarantine must be ensured for those returning to the country from Omicorn-hit countries - Steps need to be taken so that health guidelines are maintained in all educational institutions (madrasa, pre-primary, primary, secondary, higher secondary educational institutions, universities and coaching centres) - All medical service providers, medical service seekers and health workers in all health service institutions should abide by heath protocols, including wearing masks that cover face and nose. - Those who have not yet got vaccinated against Covid have to do that from vaccine centres - Quarantine has to be ensured for those having Covid-19 symptoms, Covid positive patients and people who came in contact with Covid patients - People with Covid symptoms can be kept in isolation and they can be provided help for collecting their samples for Covid test with coordination of local authorities concerned - Mask use needs to be ensured while entering offices or staying there - Mask us is mandatory even for those who are already vaccinated - The authorities concerned should take steps to make people aware about maintaining health guidelines to stem Covid-19 by announcing it through loudspeakers and publicity - The ward councillor concerned, Union Parishad members and elected public representatives can be used for this purpose. The Epidemiology and Disease Control Division of the Ministry of Health has urged all to maintain the directives strictly, said a PID handout. Earlier in the day, Health Minister Zahid Maleque said the government is going to put some restrictions, including plying public transport at their half capacities and closing shops and markets by 8pm. “Public buses will operate at half of their capacities while shops and shopping malls will have to be closed by 8 pm instead of 10 pm,” Maleque said while talking to reporters at the Secretariat. Deputy Commissioners have been asked to enforce the directives within seven days, he added. READ: How will pandemic end? Omicron clouds forecasts for endgame No lockdown now The government is not considering any lockdown in the country right now and it will think about it if the infection rate goes up further, said the health minister. Measures will be taken to strengthen screening along the border, he said. “Some 20,000 hospital beds have been kept ready. We’re thinking about our future steps if the number of patients rises.” READ: Global Covid cases surpass 290 mln with high Omicron risk