Press release

European Commission has contributed through its COMPEX scheme taka 23 crore for commercialisation of the newly developed technologies for high value-added diversified jute products. A Memorandum of Understanding (MoU) has been signed today between the Ministry of Jute (MoJ) and the Bank of small Industries & Commerce Bangladesh Limited. (BASIC) for setting up a Revolving Fund of taka 20 crores for providing loans to investors for production of diversified jute products. Another taka 3 crore has been provided for grant support to these industries for financing cost of technology transfer, training, market survey, research and development.

Fourteen industrial projects have already been selected with a total investment exceeding taka 100 crore for the diversified jute products. so far the European Community has provided taka 70 crore in support of the jute sector in Bangladesh. The MoU was signed by Mr. Md. Abdur Razzaque, Joint Secretary, Ministry of Jute and Mr. Alauddin A. Majid, Managing Director, BASIC Limited. the signing ceremony held at the IJO Building was attended by Mr. A. K. Faezul Huq, hon'ble State Minister for Jute, Ambassador Antonio de Souza Menezes, Head of Delegation of the European Commission to Bangladesh, Prof. (Dr.) Tehmina Hussain, Secretary, Ministry of Jute, Dr. R. Mandal, Officer-in-Charge, International Jute Organisation (IJO), Mr. Kh. Mokarram Hossain, President, Dutch-Bangla Chamber of Commerce & Industry, officials of the Ministry of Jute and the IJO, BASIC and the prospective investors.

Delegation of the European Commission to Bangladesh
House 7, Road 84
Dhaka 1212
Bangladesh