EPZ foreign cos allowed to borrow from parent firms

Staff Correspondent | Published: 22:17, Jan 22,2017

 
 

Bangladesh Bank on Sunday said that the foreign companies located in the country’s export processing zones and economic zones would be allowed to borrow from their parent companies and shareholders abroad.
The BB issued a circular to the authorised dealer branches of all banks saying that type ‘A’ industries (fully owned by foreign nationals) in EPZs and EZs would get permission to take short-term foreign currency loans from their parent companies and shareholders abroad.
The type ‘A’ industries in the EPZs were earlier allowed only to take short-term foreign currency loans from overseas banks and financial institutions subject to compliance with the stipulated instructions, the circular said.
A BB official told New Age on Sunday said that the BB took the initiative to liberalise the country’s foreign exchange regime to attract more foreign direct investment.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images