DHAKA: The private sector industrial enterprises in Bangladesh will have to submit to Bangladesh Investment Development Authority (BIDA) their amendment proposals of medium and long term external loans for extension of availability period at least 3 months before the expiry of the stipulated period.
The private sector industrial enterprises will exclude enterprises located at Export Processing Zones (EPZs) or Economic Zones (EZs).
"The Scrutiny Committee of BIDA in its 116th meeting has decided that amendment proposals for extension of availability period need to be submitted to the BIDA at least 3 months before the expiry of the stipulated period," said a Bangladesh Bank (BB) circular here today.
In accordance with the decision, the circular said, all authorized dealers and their off-shore banking units are advised to guide the borrowers so that amendment proposals having justified grounds are submitted to the BIDA within this prescribed period.
The circular also said access to medium and long term external loans by private sector industrial enterprises in Bangladesh other than enterprises located in EPZs or EZs are subject to specific approval by the BIDA based on the decisions of its Scrutiny Committee.
The external loans approved by the BIDA need to be availed within the period stipulated as per the approval letter. In case of delay in availability of the loans within the period, approval from the BIDA is required for extension of the period.
It has come to the notice of the Scrutiny Committee of the BIDA that amendment proposals for extension of availability period are submitted immediately before or after the specified period.
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