BB to provide $ 25m to Standard Group

Bangladesh Bank (BB) will provide $ 25 million loan assistance to Standard Group to recover the losses in recent arson attacks on the group’s readymade garment (RMG) factory at Gazipur industrial belt.

The decision was taken at a multipartite meeting among BB officials, Standard Group management, CEOs of five commercial banks and BGMEA representatives at Bangladesh Bank Bhaban.

Standerd GarmentBB governor Atiur Rahman, BGMEA (Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Atiqul Islam and Standard Group chairman Mosharraf Hossain were present at the meeting, reports UNB.

The loan assistance from the Export Development Fund (EDF) will be given to the group with an interest rate lowered by 1 percent.

Besides, Standard Group will also receive a loan assistance of US$ 25 million from three foreign banks, said a release.

The group will also be relieved off the down payment of the loans that were taken in local currency for five more years, including a grace period of one year.

The loan facilities from the EDF will be applicable to all the business institutions under Standard Group.