All foreign firms, JVs eligible for stimulus: BB
The central bank yesterday said all foreign companies and joint ventures operating in Bangladesh would be able to take soft loans from the stimulus packages rolled out by the government.
The firms with 100 per cent foreign ownership and the joint venture companies with foreign and local ownership will be eligible, said the Bangladesh Bank in a notice yesterday.
Earlier in October, the BB allowed the foreign enterprises and joint ventures that are located in the economic zones, the Export Processing Zones and the Bangladesh Hi-Tech Park to borrow from the stimulus packages.
The central bank has now brought all the foreign firms and the joint ventures under the coverage of the stimulus loans as the latest surge in coronavirus infections has slowed their recovery.
A BB official said that some foreign firms under the two categories had recently requested the central bank to extend the facility to them, given the ongoing business slowdown. The central bank had taken the decision so that they could run their businesses smoothly.
In Bangladesh, the number of foreign companies stood at 974 in the just-concluded fiscal year, according to data from the Office of the Registrar of Joint Stock Companies and Firms.
Since April last year, the government has unveiled 23 stimulus packages involving Tk 128,440 crore, which is 4.59 per cent of the gross domestic product.
Of the total fund, the BB has set a target to inject around Tk 97,000 crore from its coffer.
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