Loans amounting to nearly $600 million, or Tk 7,000 crore, disbursed from the Export Development Fund (EDF), which was formed based on the country’s foreign exchange reserves, have been defaulted, according to a Bangladesh Bank (BB) document.
Dhaka-based firms defaulted most of the amount at $558.7 million and Chattogram-based ones $29.7 million
Textile millers made the demand today
Established in 1989, the EDF facilitates access to financing in foreign exchange for input procurements by manufacturer-exporters.
Currently, the volume of the EDF is $6 billion and the interest rate on EDF loans is 4.5%
The Bangladesh Bank today raised the interest rate for loans from its export development fund (EDF) by 1 percentage point with a view to making borrowing costlier and thus saving foreign currencies.
Businesses can now repay their loans taken from the Export Development Fund (EDF) in three instalments.
Businesses can now repay their loans taken from the Export Development Fund (EDF) in three instalments.
