Bangladesh Bank has granted a loan of Tk 3,000 crore to the state-owned investment institution Investment Corporation of Bangladesh (ICB) to increase its investment capacity in the stock market under the government guarantee. The sanctioned loan amount was deposited in ICB’s bank account on December 12.
This information was disclosed in a notification sent by ICB on Monday (December 15).
The notification said that in view of receiving a state guarantee from the Finance Department of the Ministry of Finance on November 13, a loan of Tk 3 billion was sanctioned from Bangladesh Bank to increase its own investment capacity in the capital market by investing and repaying deposits and loans taken at high interest rates in order to bring stability to the capital market.
It further said that the bank rate was determined by changing the interest rate of the loan on December 3 and the sanctioned loan amount was deposited in ICB’s bank account on December 12.
Earlier, Bangladesh Bank had disbursed a loan of Tk 3,000 crore to ICB at a low interest rate against a sovereign guarantee for investment in the capital market and loan repayment.
Sources said that Bangladesh Bank will provide this money to ICB through 4 banks. Of this, 7 billion taka will be provided through Dutch Bangla Bank, 1 billion taka through Prime Bank, 5 billion taka through Dhaka Bank, and 8 billion taka through Mercantile Bank.
It is learned that in addition to repaying the loan taken at 4 percent interest, this money will be used to invest in good shares in the capital market. ICB will get one and a half years or 18 months to repay the loan after interest. The government has guaranteed this loan.
