Banks, NBFIs asked to spend more CSR fund for tourism sector dev

Staff Correspondent | Published: 23:15, Sep 27,2017 | Updated: 00:07, Sep 28,2017

 
 

Bangladesh Bank on Wednesday suggested that all banks and non-bank financial institutions should increase allocation and financial assistance significantly for the development of the tourism sector in the country from their corporate social responsibility fund.
The sustainable finance department of the central bank issued a circular on the day asking the managing directors and chief executives of all scheduled banks and NBFIs operating in the country for taking steps in this connection.
In the circular, the BB said that the 2008 guidelines on mainstreaming CSR also prioritised the tourism sector, which said that banks and NBFIs would contribute to the development of the tourism sector through their CSR expenditures.
In addition, banks and NBFIs may play a significant role in development and promotion of tourism and attracting local and foreign tourists in the country through increasing expenditure and financial assistance for improving and introducing facilities for tourists, the circular said.
Banks and NBFIs have been asked to increase their allocation from their CSR fund for tourism considering its role in overall economic development in the country, the circular added.
Officials said that the move would help the country’s tourism sector grow.

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