Home / Knowledge / News / Textiles / Bangladesh BOI clears $42mn foreign loan for textile firms
Bangladesh BOI clears $42mn foreign loan for textile firms
24
Jun '13
Bangladesh’s Board of Investment (BOI) Scrutiny Committee, at its 76th meeting, has cleared US$ 41.99 million foreign loan for five textile sector firms.
 
The committee constituted for scrutinizing and approving foreign loans to various sectors sanctioned loans of US$ 12.23 million for Saiham Textile Ltd., US$ 3.58 million for Impress-Newtex Ltd, US$ 10.25 million for Phartali Textiles and Hosiery Ltd, US$ 7.32 million for JM Fabrics and US$ 8.61 million for Amann Bangladesh Ltd., Bangladesh’s news agency BSS reported.
 
The highest rate of interest that the credits so extended would attract is six months LIBOR+4.5 percent per annum. 
 
Representatives from BOI as well as finance, commerce and industries ministries attended the meeting held at Bangladesh Bank office in Dhaka under leadership of Dr. Atiur Rahman, Governor of Bangladesh Bank and Convenor of the Committee.
 
Two Joint Directors of Bangladesh Bank, who also officiate as committee officials, updated the committee that further foreign credit proposals are also underway and are being closely considered.
 
Overall, the committee cleared foreign loans worth US$ 154 million for 15 projects, including power and textile projects. During 2012, the committee approved foreign credit proposals worth US$ 1490 million, considerably higher than US$ 819 million in 2011.
 
The committee expects that allowing such foreign credit would help in stabilizing the price of local currency in comparison to US dollar and thereby reduce the country’s Balance of Payment, while creating newer employment opportunities.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 28th Apr 2017

Continue existing Duty Drawback, ROSL scheme post GST: TEA

Tiruppur Exporters' Association (TEA) has made requisitions to...

Courtesy: AAFA

Fashion | On 28th Apr 2017

Andrew Rosen, Stuart Vevers among AAFA awardees

Andrew Rosen, founder and CEO of Theory, Stuart Vevers of Coach, Nick ...

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Urs Stalder
Sanitized AG

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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