BB approves $125.05m foreign loans for 7 pvt sector projects

Bangladesh Bank (BB) approved Sunday US$ 125.05 million foreign loans to seven private sector projects, according to a press release.
The approval came at the 89th meeting of BB's scrutiny committee held at its office with Governor Dr Atiur Rahman in the chair, the press release said.
Committee members comprising representatives of the Prime Minister's Office, Ministries of finance, industries, Board of Investment and officials of the committee secretariat were also present at the meeting.
The loan includes US$ 44.0 million for Dutch-Bangla Power & Associates Ltd., US$ 44.0 million for Orion Power Meghnaghat Ltd. (previously IEL Consortium & Associates Ltd.), US$ 15.43 million for Tarasima Apparels Ltd., US$ 15.0 million for Ma-Meem Denim Ltd., US$ 4.45 million for Rising Industries Ltd., US$ 1.60 million for Knit Concern Ltd. and US$ 0.567 million for Plummy Fashions Ltd.
The highest interest rate of the approved proposals is three-month LIBOR+4.50 per cent per annum, which is the effective interest rate within 4.74 per cent annually and the tenor of these loan proposals is at least 3 years.
Libor (London Interbank Offered Rate) is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The Libor is fixed on a daily basis by the British Bankers' Association.
The committee official (Joint Director of Bangladesh Bank) informed the committee that more foreign financing proposal is under process and active consideration.
The committee hopes that this type of foreign financing will be helpful to keep the Dollar price stable, the deficit of country's 'Balance of Payment" will decrease and create more job opportunities.

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