The Board of Investment Scrutiny Committee for approval of foreign loan/supplier’s credit on Tuesday cleared borrowing of US$ 154 million foreign loan against 15 private sector projects.The approval came from the 76th meeting of the Board of Investment Scrutiny Committee for approval of foreign loan/supplier’s credit held at Bangladesh Bank in the afternoon, said a central bank release.
The committee approved US$ 30.0 million for Summit Meghnaghat Power Company Limited, US$ 5.0 million for Summit Bibiyana Power Company Limited, US$ 21.1 million for Midland Power Company Limited, US$ 40.0 million for BSRM Steel Limited, US$ 12.23 million for Saiham Textile Ltd, US$ 10.25 million for Phartali Textiles & Hosiery Limited, US$ 8.61 million for Aman Bangladesh Ltd, US$ 7.32 million for J. M. Fabrics, US$ 6.0 million for Holcim Cement (BD) Ltd, US$ 3.58 for Impress-Newtex Ltd and the rest amount for other projects. The highest interest rate of the approved proposals is 6-month LIBOR+4.50 percent p.a.
Presided over by Bangladesh Bank Governor Dr Atiur Rahman, the meeting was attended, among others, by the committee members, including representatives from the Prime Minister’s Office, Ministry of Finance, Ministry of Commerce, Ministry of Industries, Board of Investment and officials of the committee secretariat.
The committee approved foreign loan of US$ 1490 million in 2012 and US$ 819 million in 2011. The committee officials (two Joint Directors of Bangladesh Bank) informed the committee that more foreign financing proposal is under processing and close consideration for approval.
The committee also hoped that this type of foreign financing would be helpful to keep the Dollar price stable, the deficit of country’s ‘Balance of Payment’ would decrease and it would create more job opportunities for the country. (Source: UNB)
