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$125.05mn foreign loan gets clearance

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Staff Reporter
The Scrutiny Committee on approval of foreign loan and supplier’s credit on Sunday cleared US$ 125.05 million for seven private sector projects.
The approval came from the 89th meeting of the Scrutiny Committee held in this regard at Bangladesh Bank on Sunday.
The committee approved $ 44.0 million for Dutch-Bangla Power & Associates Ltd, $ 44.0 million for Orion Power Meghnaghat Ltd (Earlier IEL Consortium & Associates Ltd), $ 15.43 million for Tarasima Apparels Ltd, $ 15.0 million for Ma-Meem Denim Ltd, $ 4.45 million for Rising Industries Ltd, $ 1.60 million for Knit Concern Ltd and $ 0.567 million for Plummy Fashions Ltd.
The meeting was presided over by Bangladesh Bank Governor Dr Atiur Rahman, who is also the convener of the committee, while the Committee members, including representatives from the Prime Minister’ s Office, Ministry of Finance, Ministry of Industries, Board of Investment (BoI) and officials of the committee secretariat were also present.
The highest interest rate of the approved proposals is a three-month LIBOR+4.50 percent p.a. that is the effective interest rate is within 4.74 percent p.a and the tenure of these loan proposals are at least three years.
The committee official (Joint Director of Bangladesh Bank) informed the meeting that more foreign financing proposals are under consideration for approval.
The committee hoped that such foreign financing will be helpful in keeping the Dollar price stable, decreasing the deficit of the country’s ‘Balance of Payment’ and it will create more job opportunities.