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HomeBusinessThe loan will not be granted, without the permission of the electricity...

The loan will not be granted, without the permission of the electricity and gas authorities.

Own Reporter: From now on, new industrial establishments will need permission from the relevant authorities to provide electricity and gas. Bangladesh Bank has given this instruction to all financial institutions.

Bangladesh Bank’s Department of Financial Institutions and Markets (DFIM) informed this information in a circular on Thursday (April 25).

According to the notification, two issues were decided in the meeting of the Cabinet Committee on Economic Affairs held on February 7. These are – Not to provide electricity and gas supply if new industrial establishments are constructed in any other place other than the economic zone or the industrial area designated by the government. Apart from this, before giving loans to new industrial establishments from financial institutions, the approval of the respective authorities of electricity and gas suppliers must be obtained.

In view of this decision, before providing loan, lease or investment facilities to new industrial establishments, the financial institutions of the country have been given instructions to obtain clearance from the relevant authorities providing electricity and gas.

Bangladesh Bank has issued this directive under the powers given in Section 41(2)(d) of the Finance Companies Act, 2023, which will be effective immediately. This instruction has been sent to the managing director or chief executive officer of all financial institutions operating in Bangladesh.

Earlier, on April 8, the central bank had given the same instructions to all the scheduled banks operating in Bangladesh.