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BB launches Tk 20,000cr pre-finance scheme to revive closed industries AA Business Desk Bangladesh Bank (BB) has introduced a Tk 20,000 crore revolving pre-finance scheme aimed at reviving closed industrial and service sector enterprises, boosting employment generation, and enhancing export diversification. According to a circular issued on Friday by the Banking Regulation and Policy Department (BRPD), the scheme titled 'Closed Industry and Service Sector Facilitation Pre-finance Scheme' will provide much-needed working capital support to large-scale industries and service sector entities that are fully or partially closed or unable to utilize their production capacity due to financial constraints. The fund will be created from the excess liquidity of scheduled banks and will remain operational as a revolving facility for three years under the supervision of BRPD Section-3. Large industrial and service sector enterprises, as defined in the National Industrial Policy, will be eligible for financing. Export-oriented industries and enterprises engaged in deemed exports will receive priority consideration. Preference will also be given to capable entrepreneurs or firms that lease or acquire closed industrial units and seek to restart operations. Bangladesh Bank has imposed strict eligibility conditions to ensure prudent use of the funds. Entities classified as loan defaulters in the Credit Information Bureau (CIB) database will not qualify for the facility. Participating banks must also verify that applicants have no history of money laundering, financial fraud, or fund diversion. To make financing affordable, Bangladesh Bank will provide funds to scheduled banks at an interest rate of 4 percent, while the maximum lending rate for borrowers has been capped at 7 percent. A six-month grace period has been incorporated into the package, allowing businesses time to resume operations before interest payments begin. The maximum outstanding loan exposure for a single borrower or business group has been fixed at Tk 200 crore at any given time. Each loan will carry a tenure of up to one year and may be renewed subject to satisfactory business performance and availability of funds. The central bank said the financing can be used for payment of workers' wages and allowances for up to four months, settlement of utility bills including electricity and gas, procurement of raw materials, execution of export orders, and other production-related expenses. To ensure transparency and accountability, workers' salaries and allowances must be disbursed directly through bank accounts or Mobile Financial Services (MFS) accounts. Cash payments will not be permitted, and banks must verify workers' National Identification (NID) numbers before disbursing salary-related funds. The circular clearly stated that the facility cannot be used to adjust, reschedule, or repay existing loans. As part of the monitoring framework, participating banks will be required to conduct quarterly inspections of financed factories and collect weekly reports on sales and revenue generation. Misuse of funds will attract a penalty interest of 2 percent in addition to the regular applicable rate. Bangladesh Bank also reserved the authority to conduct on-site inspections at any stage to verify the proper utilization of the financing.
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The Asian Age: 11 Years’ Journey and Challenges
14 September 2024 marked the 11th founding anniversary of The Asian Age, a daily English newspaper. I founded ...
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