Discounts have been offered on opening any LCs (Letter of Credit) against importing machineries required to build power plants. The power plant implementer won’t have to deposit any money to open an LC.
The banking regulation and policy department of the Bangladesh Bank announced the discount on Wednesday. The discount in opening any LC will be available for the power plant implementers until 3oth September of this year.
According to the announcement of Bangladesh Bank, the discount is offered to facilitate uninterrupted power supply that will be needed for the country’s economic growth and the nourishment of the country’s trade, commerce and agriculture sector.
The companies that have issued Letter of Intent towards Bangladesh Power Development Board (BPDB or PDB) to set up power plants had to deposit one percent of their respective liabilities to open an LC to import power plant machineries. Considering the power generation sector as a fast-track sector, the government have decided to give privileges to the power plant implementers. The companies won’t have to deposit that one percent provision anymore until 30th September 2018 to open any LC.