The Board of Investment Scrutiny Committee has approved US$154m foreign loan at its 76th meeting on Tuesday.
Bangladesh Bank governor and convener of the committee Dr Atiur Rahman presided over the meeting held at the central bank office in Dhaka.
The committee which was formed to scrutinise private sector’s foreign borrowing yesterday approved $154m foreign credit for 15 projects.
The borrowings include $30m of Summit Meghnaghat Power Company Ltd, $5m of Summit Bibiyana Power Company Ltd, $21.1m of Midland Power Company Ltd, $40m of BSRM Steel Ltd, $12.23m of Saiham Textile Ltd, $10.25m of Phartali Textiles and Hosiery Ltd, $8.61m of Amann Bangladesh Ltd, $7.32m of JM Fabrics, $6m of Holsim Cement (BD) Ltd, $3.58 of Impress-Newtex Ltd and a few others.
The highest interest rate of the approved proposals is six months LIBOR+4.50% p.a.
The committee members and representatives from board of investment, finance, commerce and industries ministries were present at the meeting.
According to official source, the committee approved foreign loans of $1490m in 2012 and $819m in 2011.
Two officials of the committee who are also joint directors of the central bank informed the committee that more foreign financing proposal is under processing and close consideration for approval.
The committee hopes that this type of foreign financing will be helpful to keep the dollar price stable, narrow the country’s ‘Balance of Payment’ gap and generate more employments.
