Bangladesh Bank (BB) on Tuesday extended the deadline for loan applications by exporters to pay workers’ wages under the Tk5,000 crore stimulus package by May 2.
Export-focused industries will submit loan applications to their dealing banks, while the banks concerned will place loan requirement to BB by May 03, says a BB circular issued on the day.
On April 03, BB asked banks to place loan requirement by April 20. Later, it was extended till April 26. The BB extended the deadline till May 02 for the second time.
“We extended the deadline due to the request of trade organizations,” Md Serajul Islam, spokesperson of the BB, told Dhaka Tribune.
Stimulus fund would be released as per the demand of the respective bank after receiving applications from export-oriented industries, he added.
According to BB circular, B-type industries (industries jointly owned by foreign and local) under the export processing zones, special economic zones and high-tech parks will be eligible for loans from the package.
On April 15, the BB made C-type industries (local industries) under the export processing zones, special economic zones and high-tech parks eligible for loans from the package.
Several trade bodies not covered by the package guideline have applied to the finance ministry and the Bangladesh Bank for loans under the Tk5,000 crore stimulus package allocated for only export-oriented industries.
As per the BB guidelines, industry owners, which will be allowed to enjoy the loans, will have to pay back the fund within two years, or else they will be considered as defaulters.
On March 25, Prime Minister Sheikh Hasina announced a bailout/stimulus package of Tk5,000crore for export-oriented industries.
