Home / Knowledge / News / Textiles / Jute millers to get export credit at 8% interest rate
Jute millers to get export credit at 8% interest rate
24
Dec '09
Jute millers of Bangladesh will receive export credit at 8 percent interest rate, as both, government-owned and private banks agreed to provide them credit at the rate of 8.0 percent interest, which includes 1 percent service charge along with the existing 7 percent interest applicable to export sectors.

The agreement was made in a meeting, held at the Secretariat and chaired by the Textile and Jute Minister Mr. Abdul Latif Siddiqui, wherein senior officials of the finance ministry, managing directors and the executives of different state-owned and private commercial banks and representatives from private jute mills and state-run Bangladesh Jute Mills Corporation (BJMC) marked their presence.

The meeting was convened to review the opinion of the Finance Ministry on the recommendations sent by the Jute Advisory Committee. In a bid to resolve the financial problems, the matter of keeping the cash credit loans of BJMC and private mills in a 'block account' for 2.5 years, was also discussed.

Jute mills run by the BJMC would get 100 percent loan rescheduling facility, while the private sector millers would get 30 percent loan rescheduling out of their outstanding loans. The outstanding loans of BJMC and private sector mills with banking system total to Tk 12 billion and Tk 14 billion respectively.

However, the Textile and Jute Minister promised the private jute millers, to increase this rescheduling facility up to 50 percent, following their appeals. The recently imposed ban, by the government, on raw jute export was also the topic of discussion during the meeting.

Moreover, the textile and jute minister informed the attendees that the government would conduct investigations into raw jute export to India, done at the time when, the prices for fibre were much higher in the Indian markets than in Bangladesh and would also scrutinize export of around 0.4 million bales of raw jute in the name of rejected grades (BTR).

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Eamonn Tighe
Nature Works LLC

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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:
June 2017

June 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