• Thursday, Jul 29, 2021
  • Last Update : 12:29 pm

Businesses not covered apply for loans from Tk5,000cr stimulus package

  • Published at 01:24 pm April 22nd, 2020
Web_bangladesh-bank--Mehedi-Hasan
File photo of the main entrance of Bangladesh Bank in Motijheel, Dhaka Mehedi Hasan/Dhaka Tribune

However, the industries which applied were not eligible for support under the guidelines of the package, said a high official of the central bank

Several trade bodies 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.

The trade bodies not covered by the BB guidelines for the interest-free loans, but sought fund from the package include Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), Bangladesh Local Carton Manufacturers Association (BLCMA), and Bangladesh Association of Software and Information Services (BASIS).

However, the industries which applied were not eligible for support under the guidelines of the package, said a high official of the central bank.

Some industries indirectly linked with the RMG sector and no direct link with exports also sought loan supports from the package as they claimed to be in deep trouble owing to the coronavirus pandemic, said another BB official.

Only export-oriented industries can apply for loans to pay wages for their workers and employees for April, May, and June, according to the guidelines of the fund.

However, on April 15, the central bank made industries under the export processing zones, special economic zones and high-tech parks eligible for loans from the package.

If all the trade bodies’ demands were to be accommodated, the size of the fund would have to be  doubled from the existing Tk5,000 crore, added the central bank official.

As per the BB guidelines regarding the stimulus package for export-oriented industries, the owners of the industries, 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.

The interest-free loan, which will be used to pay wages to the employees of the industrial units, will carry 2% service charge and has a repayment period of two years, including a grace period for six months from July to December this year.

On March 25, Prime Minister Sheikh Hasina announced a bailout/stimulus package of Tk5,000 crore for export-oriented industries.

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