Bangladesh Bank has created a loan fund of Tk3,000 crore for the July wages of export-oriented industry workers.

Of the Tk3,000 crore stimulus package, Tk1,500 crore would be financed by the central bank itself, while the rest will be disbursed from the funds of various disbursing banks, said a top central bank official.

The lending rate of the fund would be at 9%, out of which 4.5% will be subsidized by the government, as per a letter Bangladesh Bank sent to the various designated  banks disbursing the loans.

The tenure of the loans would be 24 months, including a six-month grace period, meaning exporters will have to pay back the loans in 18 monthly instalments, said the letter.

Banks will disburse the salaries to the mobile banking wallets or bank accounts of workers, it also said.

Soon after the pandemic unfolded, the government on March 25 announced Tk5,000 crore in stimulus loans for exporters, which they were able to access with only a 2% service charge.

The Bangladesh Bank was set to release the funds as salaries for workers and employees of export-oriented factories through equal instalments in the three months from April to June.

However, nearly the entire fund —Tk4,821 crore — was disbursed in just two months.

As many as 1,992 export oriented firms borrowed the funds in April and May through 47 banks.

The central bank requested the government for additional funds to clear wages for June.

However, the central bank disbursed the June wages from the Tk30,000 crore stimulus loan package for industries and the services sector