Bangladesh

Foreign companies too will get stimulus loans

The central bank yesterday said companies with 100 per cent foreign ownership will also be allowed to get soft loans from the government's stimulus packages.

The industrial units that are operating under the Bangladesh Economic Zones Authority, Bangladesh Export Processing Zones Authority and Bangladesh Hi-Tech Park Authority will get funds to revive their businesses by way of taking loans from the packages, according to a Bangladesh Bank notice.

Firms with 100 per cent foreign ownership are considered as Type-A companies.

The BB earlier allowed Type-B and Type-C companies to enjoy soft loans from the stimulus packages dedicated for the revival of the economy from the ongoing slowdown brought on by the coronavirus pandemic.

Joint venture companies with foreign and Bangladeshi ownerships are treated as Type-B and those with 100 per cent Bangladeshi ownerships are Type-C.

Soon after the deadly virus arrived on the shores of the country, the government and the central bank declared 19 stimulus packages worth Tk 106,117 crore to tackle the economic fallouts.

The BB introduced the majority of the stimulus packages in April.

Banks have been given the responsibility to disburse more than Tk 80,000 crore of the stimulus funds in the form of soft loans. 

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