Against the government guarantee for investment and loan repayment in the stock market, Bangladesh Bank approved a loan of 3000 crore taka to the state-owned institution ICB (Investment Corporation of Bangladesh) at 10 percent interest.

But ICB objected calling 10 percent interest rate high. ICB had written to the Governor of Bangladesh Bank on November 28 to fix the loan interest at 4 percent.

In view of this, Bangladesh Bank has approved ICB’s proposal to set the interest rate of 3000 crore taka at the rate of 4 percent, which was approved on Tuesday (December 03).

An official of Bangladesh Bank said to media that the Governor of Bangladesh Bank said. Ahsan H Mansoor wants the country’s stock market to return to normal. That is why he approved ICB’s proposal to fix 4 percent interest.

Earlier, on November 13, the government provided a sovereign guarantee to ICB for a loan of Tk 3,000 crore. Against that sovereign guarantee, Bangladesh Bank approved a loan of 3000 crore taka.

Then on November 27 (Wednesday) Bangladesh Bank sent a letter of three thousand taka loan to ICB. The interest rate on the loan is fixed at 10 percent. The loan tenure is fixed at one and a half years.

But the chairman and top officials of the organization felt that it would be difficult for ICB to turn around with a loan for one and a half years at a high interest rate. For this, they sent a letter to Bangladesh Bank the next day on November 28 (Thursday) to reduce the interest.

It was said in the letter of the Ministry of Finance regarding the loan to ICB, that the loan will be invested by ICB to increase its financial capacity. This money they will use to bring stability to the stock market and repay the funds borrowed at high interest. In this regard, the Ministry of Finance has assured that if ICB fails to pay the three thousand crore rupees loan given by Bangladesh Bank in favor of ICB or the interest imposed on the loan, the government will pay it.