Interviews
BJMC led mills to get new credit facilities
23 Jul '09
1 min read
A proposal to provide Tk 2 billion credit to 17 government owned jute mills by nationalized commercial banks for two years is likely to be drafted by this month end.
Most of these jute mills are under the operational control of the Bangladesh Jute Mills Association (BJMC) which has toted up losses amounting to Tk 40 billion.
These huge losses have led the commercial banks to stop extending credit to the BJMC, due to which, the organisation and its mills does not have money to buy jute.
The amount is expected to be disbursed before the new jute buying season begins which has been delayed due to late arrival of rains.
Most of these jute mills are under the operational control of the Bangladesh Jute Mills Association (BJMC) which has toted up losses amounting to Tk 40 billion.
These huge losses have led the commercial banks to stop extending credit to the BJMC, due to which, the organisation and its mills does not have money to buy jute.
The amount is expected to be disbursed before the new jute buying season begins which has been delayed due to late arrival of rains.
Fibre2fashion News Desk - India
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