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Only export-oriented industries can apply for loans to pay wages of their employees for April, May, and June, according to guidelines of the fund
Several trade bodies have applied to the Finance Ministry and the Bangladesh Bank for loans from the Tk5,000 crore stimulus package allocated for export-oriented industries.
The trade bodies that applied for the fund include the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), the Bangladesh Local Carton Manufacturers Association (BLCMA), and the Bangladesh Association of Software and Information Services (BASIS).
However, the industries which applied are not allowed for support under the guidelines of the package, said a high official of the central bank.
Some industries indirectly linked with the RMG sector and no direct link with exports have also sought support from the package as they claim to be in deep trouble owing to the coronavirus pandemic, as per BB sources.
Only export-oriented industries can apply for loans to pay wages of their employees for April, May, and June, according to guidelines of the fund.
However, on April 15, the central bank also allowed the industries of export processing and economic zones and high-tech parks to get loans from the package.
If all the trade bodies’ demands are to be accommodated, the size of the fund will have to be increased in double figure from the existing Tk5,000 crore, also said the central bank official.
As per BB guidelines regarding the stimulus package for export-oriented industries, the owners of the industries, which will be allowed to enjoy the loans, will have to pay back the fund within two years, or else they will be considered as defaulters.
The interest-free loan, which will be used to pay wages to the employees of the industrial units, will carry 2% service charge and has a repayment period of two years, including a grace period for six months from July to December this year.
On March 25, Prime Minister Sheikh Hasina announced a bailout/stimulus package of Tk5,000 crore for export-oriented industries.
(DT)
