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$169m foreign loan approved for private sector

fBoard of Investment Scrutiny Committee has approved foreign loans of $169.15m for the private sector. The decision came at a meeting of BoI scrutiny committee held at Bangladesh Bank yesterday (26 May 2014), chaired by its convenor and Bangladesh Bank Governor Atiur Rahman.

The committee approved $169.15m for 13 (thirteen)  projects such as $100m for Airtel Bangladesh Limited, $25m for Summit Meghnaghat Power Co. Limited, $14m for Mawna Fashions Limited, $5m for International Trading Services Limited, $7m for Standard Stitches  Ltd,  $5m for Standard Group Ltd & rest of the amount for seven other companies.

The highest interest rate of the approved proposals is 3-month LIBOR plus 4.75% per annum. The committee approved foreign loan of $1,821m in FY2013, which was 43% higher than $1,040m in FY 2012. There was a continuous growth in inflow of foreign loans over the last five years, said a statement. The main purpose of the foreign loan is to import capital machinery and equipments of the project, said the committee officials.

The committee hoped the foreign financing will be helpful to keep the dollar price in stable, the deficit of the country’s “Balance of Payment” will decrease and it will create more job opportunity, it said.

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Source: Dhaka Tribune

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