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Saturday, June 22, 2024

Govt raises working capital loan fund to Tk 400b


Image: Collected

The government has raised the amount of working capital loan for Covid-19 affected industries and service sectors under the Prime Minister’s announced Economic Stimulus Package to Taka 400 billion from Taka 330 billion.

Initially, the loan package for such purpose was Taka 300 billion when it was first announced on April 5 this year under the Economic Stimulus Package, said a Bangladesh Bank (BB) circular issued on October 29.

Later, the fund was enhanced to Taka 330 billion to facilitate the salary payment of the export-oriented garment industries.

The interest rate of the loans under the package will be 9 percent of which the government will provide 4.5 percent as subsidy.

As per the circular, now, this fund has been increased to Taka 400 billion to facilitate the loan or investment support to the affected industries and service sector.

The circular also said beside the local industries, the increased fund of Taka 70 billion will be applicable for loan or investment facilities for the Covid-19 affected A, B and C type foreign and joint-venture industries in areas under Bangladesh Economic Zones Authority (BEZA), Bangladesh Export Processing Zones Authority (BEPZA) and Bangladesh Hi-Tech Park Authority (BHTPA).

The initiative was taken to support the affected foreign and joint venture industries under such authorities in order to strengthen their financial capabilities to continue production and employment.

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