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ICB to receive Tk 7.60b from BB today

FE Report | Published: May 22, 2019 10:55:26 | Updated: May 23, 2019 11:55:40


The state-run Investment Corporation of Bangladesh (ICB) will receive Tk 7.60 billion today (Wednesday) from the central bank under the capital market refinancing scheme.

The managing director of the ICB Kazi Sanaul Hoq has confirmed the amount of the fund to be received as part of the government's market supportive measure.

"We received a letter from the central bank on Tuesday regarding the disbursement of the fund. We will receive the fund tomorrow (Wednesday)," Mr. Sanaul told the FE.

He said the government is providing the fund to support the country's capital market which recently has witnessed continuous price correction.

"The fund will be invested into the capital market through the ICB's own portfolio. We are expecting a positive of the fund on the capital market," Mr. Sanaul said.

According to ICB's managing director, total re-financing fund, including the interest, will have to be repaid within three years.

The government has approved the fund with an interest of 4.0 per cent.

Under the refinancing scheme, the ICB received Tk 9.0 billion from the central bank in 2013 through three installments.

Of the loan, Tk 8.56 billion, including interest, was recovered by the concern committee and the fund was under the custody of the central bank.

Following the recent sliding of the capital market, the ICB recently has made a plea of getting the fund for the second time under the capital market refinancing scheme.

Finally, the government has extended the tenure of the capital market refinancing scheme till December 31, 2022.

Mohammad Saifur Rahman, an executive director of the securities regulator, said the ICB is getting the lion's portion of the refinancing fund.

"The other stakeholders will also avail the fund facility on first served basis," Rahman said.

mufazzal.fe@gmail.com

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