Tk 900cr Refinancing Scheme For Stock Investors
BB yet to release 2nd tranche as govt lacks fund
The Bangladesh Bank is yet to release the second tranche of Tk 300 crore of Tk 900-crore government’s refinance scheme for the affected small investors as there was no budget allocations for the scheme, finance ministry sources said. Due to that, the ministry is now trying to find-out alternative sources of fund to collect Tk 300 crore for the capital market refinance scheme, they said.
The central bank as per the finance ministry directive last year released the first tranche of the scheme from its own income which is payable to the government, officials said.
The Investment Corporation of Bangladesh by the first week of July issued a letter to the central bank seeking the second trenche of the refinance scheme.
The five-member supervision committee in June gave its consent to seek the fund worth Tk 300 crore.
The ICB was appointed the implementing authority of the refinance scheme, while the supervision committee was formed to oversee the implementation process.
Bangladesh Securities and Exchange Commission executive director Saifur Rahman, also head of the supervision committee, earlier told New Age, ‘We have issued a letter to the central bank seeking another Tk 300 crore of the refinance fund as the ICB has already disbursed Tk 299.82 crore among the investors from the first tranche.’
Bangladesh Bank on August 26, 2013 released Tk 300 crore to the ICB as the first tranche of the refinance scheme.
As per the latest report, around 11 thousand small-scale investors out of the 9,53,849 affected by the 2010-11 stock market crash got interest waiver.
More than 9 lakh affected investors are yet to file applications to the loan approval committee to get the loans from the government fund due to, what they say, tough conditions tagged with seeking loans.
The committee on June 23 for the sixth time extended the deadline for receiving applications from merchant banks and brokerage houses against the affected small investors.
-With New Age input
