Tk 200CR BB GREEN FUND

Garment sector to get loan for fire safety

Staff Correspondent

Bangladesh Bank will disburse loans in the garment sector from its Tk 200-crore environment friendly revolving fund in a bid to ensure the security system in the garment industries to avoid fire accidents.
The central bank also added two more green products under the revolving fund to build an environment-friendly economy.
The BB issued a circular to the managing directors and chief executive officers of all scheduled banks and non-bank financial institutions, saying that it incorporated three more products including the solar pump to pull out and purify the surface water, to set up green industries, and to ensure the security system at the garment factories.
Initially, the BB introduced the refinance scheme in August 2009 to finance the solar energy, bio-gas and effluent treatment plants, a BB official told New Age on Tuesday.
The total green products under the refinance fund now stand at 47 including the three new products.
According to the BB circular, a borrower will be able to get Tk 1 crore to ensure the security system in the garment factory with an interest rate of 9 per cent.
The tenure of the loan is five years and the client will have to pay the instalments of the loan on the basis of quarterly or monthly.
The member industries of Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, and Bangladesh Textile Mills Association will be able to get the loan so that they can purchase equipments to save their factories  from fire accidents.
A cooperative society or an individual, which has obtained licence from Registrar of Joint Stock companies, can apply to get the bank credit to set up solar pumps to extract and purify the surface drinking water.
The borrower will get maximum Tk 3 crore loan with 9 per cent rate of interest and he or she will also get a grace period of nine months to repay the loans.
The tenure of the loan is 10 years and the client will have to pay the installments of the loan on quarterly or monthly basis.
A client will be able to get Tk 20 crore from the banks and the NBFIs to set up green industries with an interest rate of 9 per cent.
The tenure of the loan is six years and the client will have to pay the installment of the loan on the basis of quarterly or monthly.
Under the loan, the clients will have to ensure to set up the green industries by using the natural air, light and water.



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