Bangladesh to disburse JICA fund for factory remediation

Bangladesh: Bangladesh Bank has inked participation agreements with 25 banks and 10 non-bank financial institutions (NBFIs) to disburse a Japan International Cooperation Agency (JICA) fund amounting to BDT 268 crore for remediation work of garment factories in the country. The maximum amount that a factory owner can get from the fund is BDT 35 crore. The loan can be availed by the clients at 6 per cent rate of interest and its repayment tenure will be either 10 or 15 years. The apparel manufacturers in the country will also get a grace period of up to three years for repaying the loan.