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BB okays $25m foreign credit

  • Published at 01:51 pm April 29th, 2013
BB okays $25m foreign credit

Bangladesh Bank’s Board of Investment Scrutiny Committee today cleared $25m foreign credit.

The clearance was given at the committee’s 75th meeting held in Bangladesh Bank headquarters in Dhaka, said a statement from the central bank.

BB Governor and the committee’s convener Dr Atiur Rahman presided over the meeting. The committee was formed to approve private sector’s foreign borrowing.

Representatives from prime minister’s office, finance ministry, commerce ministry, industries ministry and Board of Investment, among others, attended it.

The Committee okayed $25m for three projects including $22.6m for Summit Bibiyana II Power Company Ltd, $600,000 for Silver Company Ltd and $2m for Global Attire Ltd.

The highest interest rate of the approved proposals is six-month LIBOR+4.50% p.a.

According to the statement, the committee also gave approval to foreign loans of $1.5bn in 2012 and $819m in 2011.

The two officials of the committee, who are also joint directors of Bangladesh Bank, informed the committee that more foreign financing proposals are under process and close consideration for approval.

At the meeting, the committee viewed that such foreign financing will help dollar remain stable, ease the deficit in the country’s balance of payment and generate more jobs.