Bangladesh Bank (BB) will provide financing and support to 5,000 young entrepreneurs every year under its new "UDYOG" programme aimed at identifying, developing and financing potential young entrepreneurs at the upazila level.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan said this at a press conference held at Motijheel office.

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

The programme will subsequently be expanded to other districts, with an annual target of supporting 5,000 young entrepreneurs.

Each selected entrepreneur will receive a financing package of up to Tk 20 lakh based on actual requirements.

Half of the package will be provided as a bank loan and the other half as a grant. The customer-level interest or profit rate will be 4 to 7 percent, and no collateral will be required.

The programme will also provide entrepreneurship development training, mentoring, assistance in business registration and business-plan preparation, and market-linkage opportunities.

He also said the initiative is expected to contribute significantly to employment generation and overall economic development, as a successful small entrepreneur generally creates three to five jobs.