US$ 297mn foreign loan approved

US$ 297mn foreign loan approved

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The Board of Investment scrutiny committee for approval of private sector foreign borrowing on Tuesday cleared the borrowing of US$ 297 million foreign loan against 15 private sector projects.The approval came from the 74th meeting of the Board of Investment Scrutiny Committee for the approval of foreign loan or supplier’s credit held today at the Bangladesh Bank, said a central bank release.
The committee approved US$ 297 million for 15  projects such as US$ 200.00 million for Airtel Bangladesh Limited, US$ 35.0 million for Pacific Bangladesh Telecom Limited, US$ 12.5 million for Annanta Apparels Limited, US$ 10.0 million for Lida Textile & Dyeing  Limited, US$ 10.0 million for Minhaz Textile Limited, US$ 6.0 million for Ayesha Clothing Limited, US$ 5.0 million for Talha Fabrics Limited, US$ 5.0 million for Noman Terry Towel Limited, US$ 3.70 million for Supia Cotton Mills Limited, US$ 3.75 million for Israq Textile Mills Limited, US$ 2.4 million for Gazi Cement Limited and the remaining amount for other projects.
The highest interest rate of the approved proposals is three-month LIBOR+4.50 percent.
The committee approved foreign loan of US$ 1490 million in 2012 while US$ 819 million in 2011. The committee officials (two Joint Directors of Bangladesh Bank) informed the committee that more foreign financing proposals are under process and close consideration for approval.
The committee hoped that such foreign financing would be helpful of keeping the dollar price stable as well as the country’s ‘Balance of Payment’ in a good condition and create more jobs in the country.
Chaired by Bangladesh Bank Governor Dr Atiur Rahman, who is also the convener of the committee, the meeting was attended by committee members, including representatives of the Prime Minister’s Office, the Ministry of Finance, the Ministry of Commerce, the Ministry of Industries, the Board of Investment and officials of the committee secretariat. UNB

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