Business Desk :
Bangladesh Bank has eased procedures, allowing industrial importers to bring in capital goods on a usance term of up to three years without requiring prior approval from the Bangladesh Investment Development Authority (Bida).
The central bank issued a circular today referencing the decision of the 186th meeting of the Scrutiny Committee on Foreign Loan/Supplier’s Credit of Bida, chaired by the Bangladesh Bank governor.
The Foreign Exchange Policy Department of Bangladesh Bank issued the directive on Wednesday. Industry stakeholders believe this new initiative will significantly ease the import process for the industrial sector.
The directive states that this industry-friendly measure was introduced as part of implementing the decision of BIDA’s foreign debt committee.
Previously, the long-term credit facility was primarily available only for the import of new machinery. The new regulation expands the scope:
Various capital goods, including ships, equipment, and machinery, can now be imported on three-year installment credit.
The foreign loan can be secured from either the foreign supplier or a foreign bank.
Entrepreneurs praised the decision, noting that it will reduce import complexities and help in the rapid procurement of essential capital goods, which is crucial for increasing production and industrial expansion.
