The state-owned investment company Investment Corporation of Bangladesh (ICB) is going to get a loan of 3 thousand crore rupees from Bangladesh Bank. Apart from repaying high interest loans, this money will be invested in good shares in the capital market. ICB will get a year and a half or 18 months to pay off the interest. The government has guaranteed this loan.
A letter in this regard has been sent to the Governor of Bangladesh Bank from the Cash and Hidden Liability Management Branch of the Treasury and Debt Management Division of the Ministry of Finance on Wednesday.
If the company fails to pay any part of the loan principal or interest within 18 months, the government will pay it as per the rules. However, no part of the principal or interest of this loan can be adjusted from the profit due to the government from Bangladesh Bank.
Those concerned said that this loan amount will be used to adjust the high interest loan to increase the capacity of ICB. At the same time, the capital market will be supported by investing in good shares. By doing this, the liquidity in the capital market will increase, as well as the ability of ICB as a strong financial investment institution will increase by earning profit.
In this regard, ICB Managing Director (MD) Abul Hossain told Ajker newspaper, 'We will get a year and a half time to repay the loan. ICB's high interest debt will be adjusted with this money. We will definitely support the capital market. For this we will buy basic shares.'
Earlier, on November 6, the Financial Institutions Department (FID) wrote a letter recommending to the Finance Department of the Ministry of Finance to take necessary measures to provide a 'sovereign guarantee' to ICB for a loan of Tk 3,000 crore.
