Airtel, Citycell seek $235m foreign loans

Mobile phone operators Airtel and Citycell yesterday received the green light from a government panel to borrow $235 million loans from overseas.
The Board of Investment Scrutiny Committee approved $200 million for Airtel and $35 million for Citycell in foreign loans or supplier's credit.
The highest interest rate of the approved proposals is 3-month LIBOR+4.50 percent, Bangladesh Bank said in a statement.
Atiur Rahman, the central bank governor and convener of the committee, which includes representatives of the Prime Minister's Office, finance ministry, commerce ministry and industries ministry, presided over the meeting.
Airtel will spend the fund on network expansion, an official of the company said.
The committee approved foreign loans of $1.49 billion in 2012 and $819 million in 2011.