Desk News || Economists have expressed optimism that Bangladesh Bank's newly launched Tk 3,000 crore 'Export Diversification Refinance Scheme' will help reduce the country's heavy dependence on the readymade garments (RMG) sector, stimulate growth in non-traditional export industries, and enhance long-term economic resilience.The central bank introduced the scheme to support exporters outside the RMG sector by providing refinance facilities to participating financial institutions at 4 percent interest, allowing exporters to access credit at a maximum rate of 7 percent.Economists believe the initiative comes at a crucial time as Bangladesh seeks to broaden its export basket amid increasing global market uncertainties and growing competition in international trade.Dr Morshed Hasan Khan, Professor of the Marketing Department at the University of Dhaka, said the scheme reflects the government's commitment to strengthening export earnings through diversification."Timely access to low-cost financing will encourage entrepreneurs to invest in new export-oriented products and improve production capacity," he said.According to Dr Khan, Bangladesh's export sector has long remained heavily concentrated in garments, making the economy vulnerable to external shocks affecting a single industry."The refinance scheme can play an important role in reducing sector-specific risks by promoting alternative export sectors such as leather, jute and other priority industries," he added.He also noted that easier access to affordable credit could help exporters upgrade technology, improve product quality and increase competitiveness in global markets.He said sectors that utilize locally sourced raw materials would particularly benefit from the initiative, generating stronger domestic value addition and creating employment opportunities across rural and industrial areas.He further observed that the emphasis on jute and leather industries aligns with Bangladesh's broader objective of expanding high-value exports and enhancing foreign exchange earnings.However, the economist stressed that the effectiveness of the scheme will largely depend on transparent loan distribution, timely disbursement and ensuring that financing reaches genuine exporters facing liquidity constraints.He argued that if implemented efficiently, the refinance facility could encourage greater product diversification, strengthen the country's export base and contribute to sustainable economic growth.He also called for complementary policy measures, including infrastructure improvements, market access support and export promotion initiatives, to maximize the benefits of the scheme.Industry stakeholders have echoed similar views, saying that lower-cost financing could help struggling exporters overcome liquidity challenges, invest in quality enhancement and explore new international markets.Md Sakhawat Ullah, Senior Vice Chairman of the Bangladesh Tanners Association (BTA), said that the leather industry has been facing a fragile situation with consistent losses. He stressed that the government should increase financial cooperation and ensure that the distribution of loans reaches those truly affected.Aminul Islam, Managing Director of Tipra Tannery, noted that the success of the initiative depends on the interest rates remaining significantly lower than conventional market rates.Dr Mohammad Kamruzzaman, Vice Chairman of the Bangladesh Jute Goods Exporters Association (BJGEA), added that a long-standing liquidity crisis in the jute and leather sectors could be mitigated through this scheme, enabling exporters to improve product quality and reclaim the global heritage of Bangladeshi jute. He also called for additional policy support to further boost jute exports.He expect the initiative to contribute to a more balanced export structure over the medium term, helping Bangladesh build resilience against global economic fluctuations while sustaining export-led growth.