Govt extends counter-guarantee timeframe for BCIC

Dhaka,  Fri,  22 September 2017
Published : 06 Aug 2017, 22:06:19
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Govt extends counter-guarantee timeframe for BCIC

FE Report


The government has extended the timeframe for existing counter-guarantees worth Tk 50 billion for Bangladesh Chemical Industries Corporation (BCIC) aiming to ensure uninterrupted import of fertiliser into the country, officials said.

The BCIC has recently sought extension of the timeframe for state-owned banks' (SoBs) counter-guarantees from the ministry of finance (MoF) by one year, they said.

The state entity will have to inform the finance division after the tenure of issued counter-guarantees ends, according to an official of the finance division.

Some Tk 50 billion is involved against two counter-guarantees. The MoF issued in September, 2016 counter-guarantees against the loans provided by Sonali Bank and Janata Bank. But the tenure of the guarantees expired on June 30, 2017, according to the BCIC.

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