• Sunday, Sep 27, 2020
  • Last Update : 10:48 pm

BB extends loan limit under EDF to $30m

  • Published at 09:34 pm May 17th, 2020
Bangladesh Bank (BB) logo
Bangladesh Bank (BB) logo

Members of BGMEA, BTMA to enjoy the extended loan limit

Bangladesh Bank on Sunday extended loan limit of garment and textile factories from the export development fund (EDF) to $30 million from existing $25 million.

Members of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Textiles Mills Association (BTMA) will enjoy the extended loan limit, as per a central bank circular issued on the day.

The directive will be effective immediately and the facility will continue till December 31 this year.

On the other hand, loan limit for the members of the Bangladesh knitwear manufacturer and exporters Association (BKMEA) remains unchanged at $20 million.

On April 07, the BB extended the size of EDF to $5 billion from $3.5 billion in line with the government's efforts to tackle the economic impacts of the coronavirus crisis.

Bangladesh Bank also slashed the interest rate for loans under the export development fund to 2% from 2.73% in an effort to support the exporters amid coronavirus outbreak, as per BB circular issued on April 07.

The BB introduced the EDF in 1988 with a size of $30 million, which has gradually increased.

Banks can borrow funds in US dollars from the EDF against their foreign currency loans.

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