$155mn foreign loans for 15 firms

The government has cleared $ 155 million in foreign loans for 15 private institutions which includes $ 56.1 million for three in the power sector.

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A meeting headed by Bangladesh Bank Governor Atiur Rahman cleared the loan on Tuesday and later publicised the decision in a press release.

Two projects of Summit Group were given $35 million – Summit Meghnaghat Power Company Limited $30 million and Summit Bibiyana Power Company Limited $5 million.

Midland Power Company Limited, another power sector player, was given $21.1 million.

The other companies are – BSRM Limited, Saiham Textils, Pahartali Textiles, Amman Bangladesh Limited, JM Fabrics, Holcim Cement and Impress Newtex.

The companies must repay the loan with up to 4.5 percent interest according to Libor rate (London inter-bank offer rate).

The central bank said some more institutions were being considered for foreign loans.

During 2012, $1.49 billion in total was approved in foreign loans. In 2011, the amount was $819 million.

Source: bdnews24

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