Government spokesman Mobhare Matinyi said the allegations were false
Bangladesh cuts time to repay coronavirus bailout loan for industries to one year
Bangladesh Bank has reduced the period to pay off the loans from the Tk 300 billion coronavirus stimulus package for industrial sector to one year from three years.
Published : 25 June 2020, 04:18 PM
Updated : 25 June 2020, 04:18 PM
The central bank, which will finance half of the package, announced the decision in a notice on Thursday. A refinancing fund worth Tk 150 billion has been formed in the meantime.
The notice stipulates that the banks take a loan at a rate of 4 percent interest from this fund and lend it to industrialists at 9 percent interest.
The borrowers will pay half of this interest - 4.5 percent - while the government would pay the other half as subsidy.
It is expected that lending capital under the said package will benefit most organisations affected by the coronavirus outbreak and help them revive and gain pace in their work, the notice said.
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