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Dec 31 new deadline for EDF borrowing for Bangladesh's textile firms
20 Jul '22
1 min read
Pic: Shutterstock
The Bangladesh Bank recently extended the increased borrowing deadline from the $7-billion Export Development Fund (EDF) for textile millers and garment makers to December 31. The disbursement deadline was June 30 earlier. In another notice, it asked banks not to disburse loans from the EDF if clients fail to repay from their export earnings. This is the third such extension.
In January this year, the central bank raised the loan limit to $30 million from $25 million to help exporters offset the business slowdown induced by the pandemic.
The central bank asked banks in June to refrain from forwarding applications of EDF loans, irrespective of the nature of imports, for customers whose liabilities have been settled through funded facilities in the immediate past 180 days, according to Bangladeshi media reports.
Yesterday, it said the EDF loans are required to be settled out of export proceeds/foreign currency funds.
Fibre2Fashion News Desk (DS)
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