A Memorandum of Understanding (MoU) is likely to be signed within the next two to three days for running the Tk-900 crore refinance scheme for helping the small investors hit hard by the 2011 capital market debacle.
A meeting to this end was held on Wednesday at the Bangladesh Bank where the MoU to run the refinance scheme was finalized, Bangladesh Bank General Manager AFM Asaduzzaman told.
Soon after signing of the MoU among the Bangladesh Bank, Investment Corporation of Bangladesh (ICB) and the Bangladesh Securities and Exchange Commission (BSEC), the first installment of Tk 300 crore will be released against the ICB for disbursing among the small investors as credit to make up their losses, Asaduzzaman said.
“We’re hopeful that this refinance scheme would play an important role in reviving the capital market through helping the small investors,” added AFM Asaduzzaman.
Bangladesh Bank Executive Director Moniruzzaman, Managing Director of ICB Md Fayekuzzaman and BSEC Executive Director Saifur Rahman attended the meeting.
The stock market regulator has identified some 9.54 lakh investors who are eligible to get the credit under the refinance scheme.
The rest of Tk 600 crore of the fund will be disbursed in two more installments against the account of the state-run ICB.
An inspection committee having representatives from the central bank, BSEC and ICB will monitor the scheme operation and submit a report to the Finance Ministry in every quarter.
The government in March 2012 had announced a compensation package that also included an interest waiver on margin loans for the investors who suffered losses during the price debacle in 2011.