Global Midas has shown interest in lending large sums. The international agency has already written to the Economic Relations Division of the Ministry of Finance expressing interest in providing loans for the construction of large infrastructure. Initially, it was known that the amount of this loan is more than one lakh crore taka.
In this context, Sheikh Sarwar, Bangladesh head of Global Midas, said the government is interested in lending more than the budget deficit. ERD has already been informed. Global Midas has given large loans to several countries including Nepal, Singapore and India. Now Global Midas is interested in giving low interest loans in Bangladesh.
In a letter to ERD, Global Midas said it had offered loans for major projects such as large Greenfield projects, railways, metros, airport development, special economic zones, power plants and IT parks. Global Midas has invested in various types of debt as well as public and private sector bonds. The company has also expressed interest in a public-private partnership (PPP) project.
Hundreds of projects are suffering from the financial crisis, planning ministry officials say. The project is being kept alive with nominal money. The revenue deficit has created a financial crisis in the government's development projects. In this case, large loan proposals like Global Midas can be seriously considered. Failure to take such loans will make it difficult to achieve the GDP growth target.
In this regard, several officials of Bangladesh Bank said, the government is taking huge amount of loan from the banking system every day. If you take a loan in this way, the ordinary customer will not get a loan. At the same time the banking system will collapse. Considering these aspects, low interest loans can be taken from international organizations like Global Midas.
According to ERD sources, the grace period of the loan proposed by Global Midas is one to two years depending on the project. The entire loan has to be repaid within 25 years. The maximum interest rate is less than 2 percent. Which is the Asian Development Bank (ADB) and the International Financier.