Home / Knowledge / News / Apparel/Garments / BGAPMEA members now eligible for EDF loans
BGAPMEA members now eligible for EDF loans
12
Feb '13
The Bangladesh Bank has extended Export Development Fund (EDF) loans to member mills of the Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA).
 
“The EDF loans will be available also to member mills of the BGAPMEA making bulk import of raw materials for local deliveries of garment accessories to manufacturer-exporters against inland back to back letters of credit (LCs) in foreign exchange,” the Bangladesh Bank circular said.
 
An EDF loan to an Authorized Dealer, generally a foreign exchange branch, against their foreign currency financing of input imports of BGAPMEA member mills, shall not exceed the value realized in foreign exchange against inland back to back LCs over the past twelve months, or US$ 1million, whichever is lower, the circular added. 
 
The Authorized Dealers are currently allowed to borrow from EDF against their foreign currency loan to Bangladesh Textile Mills Association (BTMA) mills to make bulk import of raw cotton and other fibres against deemed exports.
 
At present, the commercial banks are provided loans by the Bangladesh Bank under the EDF scheme at the London Inter-bank Offered Rate (LIBOR) plus 1.0 percent interest. The commercial banks in turn extend credit to exporters at the LIBOR rate plus 2.50 percent interest.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X