BSFIC gets Tk 100cr allocation from ministry

Staff Reporter :
The Bangladesh Sugar & Food Industries Corporation (BSFIC) received Tk 100 crore from Ministry of Finance as a conditional allocation.
BSFIC have to use the loan worth Tk 100 crore to pay the Sugarcane growers
The finance division has allocated the loan to BSFIC with 5 percent interest. The total repayment period is 20 years after complying with the Industry Ministry request, source said.
Meanwhile, in November 2021, government was extended a soft loan worth Tk 100 crore with a 3 percent interest to state-run six
sugar mills to keep their operations running by paying salaries and allowances to the employees and officers.
It is seen, after analyzing the corporation’s annual reports of last 16 fiscal years that 15 sugar mills continued to suffer losses. At the end of the last fiscal year, its accumulated losses stood for Tk 9,778 crore. Besides, the state-run agency also owed different banks around Tk 8,000 crore.By contrast, The private sugar mills flourished and made profits persistently.