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Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Tuesday urged the government to ensure long-term loans for rehabilitation and prevent the fragility of ailing industries.
FBCCI President Md Jashim Uddin came up with the request in the second meeting of “Standing Committee on Rehabilitation of Sick Industries” as the chief guest on Tuesday.
“Mostly, when businessmen try to install factories after securing loans from banks, eventually, the tenure of their bank loan abruptly concludes before completing the work. As a result, entrepreneurs become loan defaulters even before starting factory production. Subsequently, their firms become weaker due to lack of long-term loans”, Jashim Uddin said.
Once the entrepreneurs become defaulters, it is hardly possible for them to successfully conclude their loan accounts due to different complications, he said, seeking the attention of policymakers for rehabilitation of ailing industries and the easy process of loan settlements. He also suggested entrepreneurs place specific proposals in this regard.
FBCCI Senior Vice President Mostofa Azad Chowdhury said the settlements in the non-textile sector remained stuck for a long time and FBCCI held several meetings with the ministry to resolve the matter.
“For the economic development of the country, we must rehabilitate the fragile industries and banks can play a vital role in this”, said Vice President MA Momen.
Bangladesh Bank has already issued two circulars for loan settlements of ailing industries. Federation’s Former Director and Committee Member Maksudur Rahman sought proper implementation of the BB directions.
Committee Chairman Sadek Ullah Chowdhury stressed forming a Policy for Sick Industries to resolve the settlement complications.
FBCCI Vice President Md Amin Helaly, Salahuddin Alamgir, Md Habib Ullah, Director Hasina Newaz, MGR Nasir Majumder, former directors and members were also present there, among others.
FBCCI, the apex trade organisation of Bangladesh, founded in 1973, has been playing a pivotal role in a consultative and advisory capacity, safeguarding the interest of the private sector. The federation was established under the Trade Organization Ordinance, 1961 and the Companies Act, 1913.
