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Refinancing fund to revive jute sector

01
May '10
In its attempt to restore the jute industry, Bangladesh Bank (BB) has created Tk 5 billion worth re-financing fund for them.

The fund was recently approved by the Board of Directors of BB and it will be distributed to 16 public listed jute mills, through state-owned commercial banks.

The decision of creating this fund came in accordance with the Prime Minister, Sheikh Hasina's directive of creating a fund, during a meet at her office in January.

The BB officials informed that, these 16 jute mills had, during the period July-January, acquired around Tk 8 billion worth of raw jute. However, they failed to acquire more quantity, despite the requirement, due to scarcity of funds.

The central bank officials stated that financial crisis for jute mills will come to an end as they will be able to obtain funds from BB's refinancing fund.

Fibre2fashion News Desk - India


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