Bangladesh Bank Tuesday gave a go-ahead to 10 private sector projects to take loans worth $109.2 million from foreign sources, the regulator said in a statement.

The loans include $25.1 million for Sylvan Agriculture Limited, $ 20.0 million for Banga Builders Limited, $ 15.0 million for Western Marin Shipyard Limited, $ 15.0 million MI Cement factory Limited, $ 5.0 million for Universal Menswear Limited and $ 4.0 million for DNV Clothing Limited. The rest of the amount was approved for the RR Imperial Electricals and Genesis Washing Limited.

The highest interest rate of the projects is three-month LIBOR+4.50 percent in a year. The effective interest rate will be within 4.94 percent per annum, the central bank said.

The tenure of these loan proposals are at least 5 years.

The approval came at the 67th meeting of the scrutiny committee of the BB presided over by its Governor Atiur Rahman at its office in Dhaka.

“This type of foreign financing will be helpful in keeping the foreign exchange rate stable and will impact positively on the balance of payments of the country,” according to the statement.

Officials said more foreign financing proposal is under processing and close BB consideration for the approval.

News: Daily Independent/Bangladesh/29-Aug-12