BB provides Tk 400 crore loan

The Bangladesh Bank (BB) has decided to provide Tk 400 crore as loan in the favor of Standard Group for running their business.

The decision came from a trilateral meeting on Sunday at Bangladesh Bank. With the governor the central bank Dr Atiur Rahman in the chair, the meeting was also attended by the high officials of the bank and the Chairman and Managing Director of the damaged Standard Group. According to decision, the Standard Group will get a loan of Tk 200 crore under the Export Development Fund (EDF) and the rest of the money will be provided by three foreign banks. Regarding the matter, BB deputy governor SK Sur said, “We have planned to provide loan as Standard Group can fight back after the debacle.” He added: “The organization will get loan with low interest rate and easy terms and conditions.” SK Sur also said the repayment period of current loan of the organization would be extended for five years on easy terms and conditions. The organization will also get some facilities in importing their raw materials and exporting their goods, he added. SK Sur further said this consideration will only be eligible for Standard Group not for other readymade garment factories.