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Bangladesh considering over US$ 1.2bn

The government is planning to form a Tk 10,000 crore special fund, similar to Export Development Fund, to provide low cost loans to jute industry and regain its past glory. Bangladesh Bank would be assigned to manage the funds where the loans will be disbursed at 5 per cent interest and half of the interest payments would come from the state coffers as subsidy.

A panel headed by Md Mahmudul Hassan, Chairman, Bangladesh Jute Mills Corporation (BJMC) has prepared the draft for the Jute Sector Development Fund. As per the draft, loan defaulters will not be eligible for applying for fresh loans. The draft policy targets providing the ailing sector with opportunities similar to what garment and leather goods industries enjoy.

According to the association, around 2 lakh people work in 176 public and private jute mills, which process two thirds of the country's annual jute production of 14 lakh tons of this 8.36 lakh tons are exported and the rest consumed locally.

 
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