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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

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