The Bangladesh Bank on Tuesday approved issuance of 524.5 million euros in loan from its foreign currency reserve to state-owned Sonali Bank against government guarantee to be lent to the Payra Port Authority.
The BB granted the loan on Monday at a board meeting presided over by its governor Fazle Kabir, a senior official of the central bank confirmed New Age after the meeting.
Under the approval, the BB would disburse loans to Sonali Bank in 12 tranches and each of the tranches would be disbursed upon confirmation on proper utilisation of its preceding instalment, said the BB official, who was also present at the meeting.
The fund would solely be used for import purposes in the implementation of the Rabnabad Channel Capital and Maintenance Dredging project of the…
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