• Saturday, November 29, 2014

13 firms get nod to take foreign loans

Star Business Desk

A loan committee yesterday gave a go-ahead to 13 private sector projects to borrow $169.15 million from foreign sources.
The loans include $100 million for Airtel Bangladesh, $25 million for Summit Meghnaghat Power and $14 million for Mawna Fashions. The rest of the amount was approved for 10 other companies, Bangladesh Bank said in a statement yesterday.
The highest interest rate for the projects is three-month LIBOR+4.75 percent in a year, the banking regulator said.
“This type of foreign financing will be helpful to keep the dollar price stable. The balance of payments deficit will decrease and it will create more job opportunity for the country,” BB said. The borrowing approvals came at the 86th meeting of the Board of Investment Scrutiny Committee of the BB at its headquarters in Dhaka.
The main purpose of this foreign loan is to import capital machinery and equipment of the project, the BB said.  
The meeting was presided over by BB Governor Atiur Rahman, who is also the convener of the committee.
The committee approved foreign loans of $1.82 billion in FY2013, which was 43 percent higher than in FY2012.

 

Published: 12:00 am Tuesday, May 27, 2014

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