Manufacturers to get tech upgrade loan

Bangladesh Bank, the Central Bank of Bangladesh is forming a Tk 1,000 crore fund to help industries to update their technological infrastructure, according to a media report published on December 14, 2020.

32 types of export-oriented industries, including RMG factories, pharmaceuticals, software and IT-enabled services, jute goods and footwear and leather goods will be able to avail of the fund.

Quoting an anonymous source, the report states that a notice regarding this will be issued within a week or two.

The goal is to technologically uplift the Bangladeshi manufacturing industries to keep up with the global trend.

Companies will be able to avail themselves of the money as cheap loans. The interest rate will range between 5-6 per cent. Tenure of the loan may range between three years to 10 years. In addition to that, companies will enjoy a maximum one-year grace period before they start paying the instalments.

Companies will be allowed to use the money to upgrade the technology where replacement of outdated machinery, adoption of technology for renewable energy and up-gradation of machinery used in business operations and waste management will get priority.

Merchant Bay

The report is published in The Daily Star on December 14, 2020.

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