Bangladesh Bank on Tuesday issued detailed guidelines for scheduled banks to access a Tk 20,000 crore revolving pre-finance scheme designed to revive closed and financially distressed industrial and service-sector enterprises, with a special focus on export-oriented businesses.
The central bank`s Banking Regulation and Policy Department-3 (BRPD-3) circulated the operational framework to the managing directors and chief executive officers of all scheduled banks.
The three-year fund, titled the Closed Industry and Service Sector Facilitation Pre-finance Scheme, will be financed through surplus liquidity held by scheduled banks.
Under the guidelines, banks wishing to participate must sign a participation agreement with BRPD-3. After securing approval from their respective boards, they will be able to apply for the pre-finance facility using the prescribed format before disbursing loans to eligible borrowers.
Bangladesh Bank said applicants already receiving working capital support under other refinance or pre-finance schemes must undergo a fresh assessment to determine their actual financing needs before being considered for the new facility.
To strengthen transparency and reduce the risk of financial misconduct, participating banks have been instructed to collect additional declarations and supporting documents from borrowers.
These include a declaration confirming the borrower has not been involved in money laundering, forgery, fund diversion or loan misuse, certification of the enterprise`s production or service capability, sales and revenue reports, and a commitment from the lending bank to conduct quarterly factory inspections and submit inspection reports to the central bank.
The guidelines also require participating banks to submit quarterly reports on loan disbursement and recovery to Bangladesh Bank by the 10th day of the month following the end of each quarter.
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