Bangladesh approves $154 million for power, textile investments

Bangladesh's central bank approved $154 million worth of investment on Tuesday to boost electricity supply and enable a number of textile investments.

The move was made by the Investment Scrutiny Committee dealing with approvals of private sector foreign borrowing at a meeting presided over by bank governor Atiur Rahman, a bank statement said.

The highest interest rate permitted for the approved inverstment is a 6-month LIBOR+4.50 percent per annum, it said.

The committee said more foreign financing proposals were being processed for consideration.

Rahman said such foreign financing will help stabilise the dollar exchange rate, reduce Bangladesh's balance of payments deficit and create more job opportunities.

(Reporting By Serajul Quadir)
This article was first seen on Reuters

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