Bangladesh Bank received 75 projects worth 35.29 crores US dollars from the export-oriented companies to get long-term financial benefits from the World Bank’s Financial Sector Support Project (FSSP)
An official representative of the Bangladesh Bank said on Thursday, “We have been already approved 19.18 million US dollars of 43 proposals. Out of this, 31 proposals of US $10.11 million were distributed. The remaining amount is now in the process of distributing the remaining amount. “He said some partial distribution has been made from the approved funds and there are also some distribution mechanisms for distribution of the fund, which will be distributed after the opening of LC.
According to Bibi sources, applications are sent through commercial banks, out of total 43-projects, three proposals are in the process of the central bank and 16-proposals have been canceled by World Bank.
Abdul Baten Chowdhury, executive vice president of Southeast Bank Limited, said, “We have submitted the proposal of four companies to Bangladesh Bank which worth 3.64 million US dollars. It has already been approved two million US dollars of two companies. “The long-term funding of the FSSSP will play an important role in the country’s manufacturing sector.
The Bangladesh Bank has separately signed contracts with participating financial institutions, which will distribute the funds through 31 banks in the export-oriented industries of the country. The World Bank will provide 30 crores of the amount of money and the rest of the money will be provided by the Bangladesh Bank from its own fund. The expiration date of this project is July 1, 2015, to 31 March 2021.