Stock Market Refinance Scheme
Loan approval committee sanctions Tk 65cr
The loan approval committee for government refinance scheme of Tk 900 crore for the affected small investors has sanctioned around Tk 65 crore loans for investors, while 99 per cent or 9,41,952 investors are yet to file applications before December 31 deadline. Investment Corporation of Bangladesh managing director Fayekuzzaman told New Age on Monday,‘We have already sanctioned Tk 65 crore laons for affected small investors under four merchant banks and three brokerage houses.’ The loan approval committee sanctioned the loan amount in two separate meetings, Fayakuzzaman, also the head of the loan approval committee, said. ‘At a meeting last Sunday, we have approved around Tk 20 crore loans for three organisations and the rest amount were sanctioned at another meeting held last week,’ he said. ‘We have already got 33 applications from merchant banks and brokerage houses for loans of around Tk 327 crore against 11,897 affected small investors,’ said Fayekuzzaman. As per Bangladesh Securities and Exchange Commission report sent to the finance ministry in April this year, only 7,413 small-scale investors out of the 9,53,849 affected by the 2010-2011 stock market crash got interest waiver under the government-announced compensation package. The Bangladesh Bank on August 26 released Tk 300 crore to ICB as the first phase of the Tk 900-crore refinance scheme. ‘The committee is working hard to sanction the loans, but it is taking some time in the verification process,’ Fayekuzzaman said.
-With New Age input
