Six local entrepreneurs will get $48.55 million foreign loans for expanding their projects.

The Scrutiny Committee of the Suppliers’ Credit Committee of the Bangladesh Bank at its 68th meeting approved the foreign loan proposals.

The meeting was held Tuesday at Bangladesh Bank head office in Dhaka, said a press release.

Of the total amount, $9.75 million has been approved in favour of NovoAir Limited, while $0.5 million for RZ Power Limited, $7.5 million for Esquire Knit Composite Limited, $9.0 million for SQ Celsius Limited and $20.0 million for KYCR Coils Limited.

Dr Atiur Rahman, Governor of Bangladesh Bank presided over the meeting. Committee members including representatives of the Prime Minister’s Office, Ministry of Finance, Ministry of Commerce, Ministry of Industries, Board of Investment and officials of the committee were also present.

The highest annual interest rate of the loan is 6-month LIBOR+4.0 and the tenor is at least 5 years.

The committee was informed that more foreign financing proposals had been under processing and close consideration for approval.

News: The Daily Sun/Bangladesh/19-Sep-12