The Investment Corporation of Bangladesh (ICB) Thursday got a letter
from the ministry of finance (MoF) for receiving first installment of
the Tk 9.0 billion capital market re-financing fund, officials said.
Md. Fayekuzzaman, the managing director of the state-run ICB said they would sit with the securities regulator and the central bank in next week to fix the way of receiving the fund.
"Today (Thursday) we have received a letter sent by the MoF for receiving the fund recently approved by the government. We are also unwilling to delay the disbursement of the fund," Mr. Fayekuzzaman told the FE.
He said that in next week it would be clear as to how the fund would be disbursed.
The ICB will be disbursed Tk 3.0 billion as first installment of the Tk 9.0 billion re-financing scheme.
Meanwhile, the securities regulator said that they would try to convince the government so that the Tk 9.0 billion stock market stabilisation fund can be disbursed through a viable way for fulfilling investors' expectation.
"The government has approved the Tk 9.0 billion fund, which will be disbursed to the Investment Corporation of Bangladesh (ICB)," said a senior official of the securities regulator.
He said the BSEC's objective is to pave the way of disbursing the fund fulfilling easier conditions and paying less interest charged against the loan.
The Finance Minister AMA Muhith approved a fund worth Tk 9.0 billion on June 18 to revive the moribund capital market.
The fund has been approved as part of implementing the stock market rejuvenation package announced by the securities regulator on November 22, 2011.
"After the approval of the fund we have talked to the MoF about the interest rate of the fund. The lenders will not be able to utilise the fund in a viable way if they are to pay high interest rate.
Md. Fayekuzzaman, the managing director of the state-run ICB said they would sit with the securities regulator and the central bank in next week to fix the way of receiving the fund.
"Today (Thursday) we have received a letter sent by the MoF for receiving the fund recently approved by the government. We are also unwilling to delay the disbursement of the fund," Mr. Fayekuzzaman told the FE.
He said that in next week it would be clear as to how the fund would be disbursed.
The ICB will be disbursed Tk 3.0 billion as first installment of the Tk 9.0 billion re-financing scheme.
Meanwhile, the securities regulator said that they would try to convince the government so that the Tk 9.0 billion stock market stabilisation fund can be disbursed through a viable way for fulfilling investors' expectation.
"The government has approved the Tk 9.0 billion fund, which will be disbursed to the Investment Corporation of Bangladesh (ICB)," said a senior official of the securities regulator.
He said the BSEC's objective is to pave the way of disbursing the fund fulfilling easier conditions and paying less interest charged against the loan.
The Finance Minister AMA Muhith approved a fund worth Tk 9.0 billion on June 18 to revive the moribund capital market.
The fund has been approved as part of implementing the stock market rejuvenation package announced by the securities regulator on November 22, 2011.
"After the approval of the fund we have talked to the MoF about the interest rate of the fund. The lenders will not be able to utilise the fund in a viable way if they are to pay high interest rate.
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