Stocks Refinance Scheme
ICB gets Tk 300cr in 2nd tranche from BB
The Investment Corporation of Bangladesh on Monday received Tk 300 crore, the second tranche of the Tk 900-crore government refinance scheme for the small-scale investors affected by the 2010-11 stock market crash, from Bangladesh Bank after six months of making demand.
The supervision committee of the refinance fund in July last year issued a letter seeking the second tranche of the refinance scheme after disbursing Tk 299.82 crore to around 11,000 affected investors.
Finance ministry officials earlier said that lack of budgetary allocation was the main reason for the delay.
Bangladesh Securities and Exchange Commission executive director Saifur Rahman, also the head of the supervision committee, on Monday told New Age, ‘The ICB as the government’s loan disbursement channel to the small-scale investors has received the fund from the central bank.’
The government recently released the fund against the BB.
Saifur also said that proposals for disbursement of Tk 91.80 crore in loans to 2,974 affected small-scale investors had already been processed by the ICB.
Besides, sanction letters of loans worth Tk 31.96 crore for 902 affected investors have already been issued, he said.
Applications for loans worth Tk 123.76 crore for 3,876 investors have been filed with the ICB so far, Saifur said.
The BB in August 2013 released Tk 300 crore, the first tranche of the refinance scheme, to the ICB.
More than 9 lakh small-scale investors affected by the 2010-11 stock market crash are yet to file applications with the loan approval committee to get loans from the government fund due to what they say tough conditions tagged with seeking loans.
The supervision committee on June 23 last year for the sixth time extended the deadline for receiving applications from merchant banks and brokerage houses against the affected small-scale investors.
-With New Age input
