BB unveils ‘Uddyog’ project targeting 10m jobs in 1.5 years 

In a bid to shift the youth mindset from job-seeking to job creation, Bangladesh Bank (BB) has unveiled a comprehensive initiative titled ‘Uddyog’. The project aims to provide necessary financial, infrastructure, marketing and technological support under a ‘Credit Plus’ facility to youths with innovative business ideas.

The announcement was made by Arif Hossain Khan, Executive Director and Spokesperson of Bangladesh Bank, during a press conference held at the central bank’s conference room on Thursday (September 3).

The programme aligns with the government’s major agenda of creating 10 million jobs at home and abroad within the next 1.5 years. Engaging the youth effectively will help rebuild the economy and facilitate the transition from a Least Developed Country (LDC) to a middle-income and eventually high-income nation.

Bangladesh Bank has allocated Tk 1,000 crore annually to support 5,000 entrepreneurs per year. Each selected entrepreneur will receive between Tk 10 lakh and Tk 20 lakh.

For a Tk 20 lakh package, 50% will be provided as a bank loan under the central bank’s refinancing scheme, while the remaining 50% will be provided as a grant sourced from the Corporate Social Responsibility (CSR) sector.

Loan interest or profit rates will vary by sector �" 4% for startups, 5% for female entrepreneurs, and 7% for agriculture and new entrepreneurs.

According to the ED, the programme will initially be launched in 64 upazilas across eight districts, with 10 young entrepreneurs selected from each upazila, making a total of 640 beneficiaries.

The customer-level interest or profit rate will be 4% to 7%, and no collateral will be required.
Any Bangladeshi citizen aged over 18 who is a permanent resident of the respective upazila can apply with an innovative business plan in any sector.

The SME Department of Bangladesh Bank will issue an official circular on September 16. Applicants must submit the designated forms at any scheduled bank branch in their upazila within one month of the circular’s release.

Besides financial assistance, banks will help entrepreneurs obtain trade licences and TINs and build institutional networks. Each upazila will host financial literacy programmes, boot camps and mentoring sessions.

Bangladesh Bank is leading the implementation alongside scheduled banks, BSCIC, SME Foundation, PKSF, local chambers, business associations and academic institutions to build a robust entrepreneurial pipeline. Various commercial banks and development partners have already pledged their support to ensure the successful rollout of the programme.