Bangladesh Bank has further simplified the rules for importing capital equipment to increase investment and capacity in the country’s industrial sector.
From now on, capital machinery required by industries can be imported on a three-year usance basis without prior permission from the bidder.
Bangladesh Bank issued a circular in this regard on Wednesday (December 10).
It said that this exemption has been given as per the decision of the 186th meeting of the Foreign Loan/Supplier Credit Scrutiny Committee of Bangladesh Investment Development Authority (Bida).
The meeting was presided over by Bangladesh Bank Governor Dr. Ahsan H. Mansur.
Currently, three-year usance facility was provided only for the import of capital machinery.
As a result of the new directive, the same period of facility will be available for the import of various capital machinery including ships, heavy machinery, specialized industrial equipment.
Industry stakeholders say that this decision will reduce the complexity of import financing and make it easier to implement investment plans, especially manufacturing-oriented sectors, which will get significant benefits to increase capacity.
Bangladesh Bank believes that this long-term import facility will play a positive role in accelerating industrialization.
