BB forms Tk1,000cr funds for export-oriented industries

Bangladesh Bank, for the first time, has formed a fund of Tk 1,000 crore to modernise export-oriented industries that will be able to take loans at 5 percent to 6 percent interest, much lower than the present 9 percent charged by banks.

According to a circular issued on Sunday, BB said the duration of the loan will be 3 years to 10 years. The funds can be used for modernisation and technological development of export-oriented industries in the country, BB said in the circular.

Apart from commercial banks, non-bank financial institutions will also be able to provide loans from this fund.