Tk 600b stimulus fund announced to restart closed factories

Bangladesh Bank has announced a Tk 600 billion (60,000 crore) fund to revive the economy, including reopening closed factories and industrial units.

Bangladesh Bank Governor Md Mostaqur Rahman made the announcement at a press conference today, Saturday.

The press conference was held at Bangladesh Bank in the afternoon. At the event, the governor presented details of the special fund. He expressed hope that the fund would generate employment for 2.5 million people.

At the press conference, Bangladesh Bank Governor Md Mostaqur Rahman said the government would provide a 6 per cent interest subsidy on loans from this fund. Customers, meanwhile, would receive loans at a 7 per cent interest rate.

He said that of the Tk 600 billion fund, banks would provide Tk 410 billion, while Tk 190 billion would come from a refinancing fund.

The press conference also stated that, alongside reopening closed factories, loans and financing would be provided to the agriculture sector, garment industry, CMSMEs, environmentally friendly initiatives, and the creative economy sector. Through this, GDP growth would increase and employment opportunities would be created.

The Bangladesh Bank governor further said at the press conference, “Tk 5 lakh crore (5 tirllion) has been stolen from the country. One-third of the loans have disappeared. There are not enough assets against these loans.”