FBCCI calls for long-term industrial loans

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called for a long-term industrial loan facility so that no business becomes "sick" in terms of financial health.

FBCCI President Md Jashim Uddin made the call during the second meeting of the FBCCI's "Standing Committee on Rehabilitation of Sick Industries" at its office in Dhaka yesterday.

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Jashim said if a factory is set up with a bank loan, it can be seen that the loan period expires before the work is completed.

As a result, the entrepreneur becomes a loan defaulter before production starts at his factory.

"So, due to the lack of a long-term credit facility, the industry becomes sick," he added.

Uddin went on to say that once entrepreneur becomes a loan defaulter, it is not possible to settle his debt easily due to procedural complications.

With this backdrop, the FBCCI president drew the attention of policymakers to facilitate the process of rehabilitation and disposal of sick industries.

It was also informed in the meeting that Bangladesh Bank has already issued two circulars to settle the debt accounts of sick industries.

Maksudur Rahman, former director of the FBCCI and a member of the committee, wants proper implementation of the circulars.

It is necessary to formulate a "sick industrial policy" to remove complexities in the process of disposing of sick industries, said Sadeque Ullah Chowdhury, chairman of the committee.