DHAKA: The 89th meeting of the Scrutiny Committee for approval of foreign loan/supplier’s credit was held Sunday at Bangladesh Bank.

The meeting was presided over by Dr Atiur Rahman, Governor, Bangladesh Bank and Convener of the committee, while the Committee members including representatives of the Prime Minister’s office, Ministry of Finance, Ministry of Industries, Board of Investment and officials of the committee secretariat were also present.

The committee approved US$ 125.05 million for 7(seven) projects such as US$ 44.0 million for Dutch-Bangla Power & Associates Ltd., US$ 44.0 million for Orion Power Meghnaghat Ltd. (Earlier 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 3-month LIBOR+4.50% p.a. that is the effective interest rate is within 4.74% p.a and the tenor of these loan proposals are at least 3 years. The committee official (Joint Director of Bangladesh Bank) informed the committee that more foreign financing proposal is under processing and close consideration for the approval. The committee hope, that this type of foreign financing will be helpful to keep the Dollar price in stable, the deficit of country ‘Balance of Payment” will become decrease and it will create more job opportunity for the country.

BDST: 1647 HRS, SEP 21, 2014