Prime Minister Sheikh Hasina has announced a financial incentive package of Tk 72,750 crore to deal with the damage caused by the coronavirus.
There are a total of five packages, including new ones, through which financial assistance will be provided to affected organizations at various levels. What's in 5 packages?
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| Prime Minister Sheikh Hasina |
For industry and service sectors.
Work capital facilities will be provided to the affected industries and service sector organizations. For this, a loan facility of Tk 30,000 crore will be set up within a short time. Commercial banks will lend their own funds to the affected institutions with work capital, which will have an interest rate of 9 percent. From there, the lender will pay 5 percent interest.The government will provide the remaining 5 percent subsidy to the bank.
For small and medium enterprises.
Low interest loans will be given to small (cottage industries) and medium enterprises. For this purpose, a loan facility of tk. 20,000 crore will be created. On the basis of bank-client relationships, commercial banks will lend to small and medium enterprises. In this case the same rule - the organization will pay 4 percent interest and the government will give the remaining 5 percent.The size of the EDF will be increased.
The current size of Bangladesh Bank's Export Development Fund (EDF) is $ 3.5 billion. It will be raised to $ 5 billion. This will add an additional tk 12,750 crore to the fund. At the same time, the EDF's interest rate will now be reduced from 2.73 percent to 2 percent.New loan facility.
Bangladesh Bank will launch a new loan facility of Tk 5,000 crore under the pre-shipment credit refinance scheme. From here the loan will be given at 7 percent interest.