Bashundhara Group Chairman Ahmed Akbar Sobhan has urged all concerned to come out of the loan default culture that the banking sector of Bangladesh is facing.
He made the call at a ceremony marking the signing of a syndicated term loan at the auditorium of the Agrani Bank head office in the capital on Tuesday.
“Bangladesh might have developed a lot had there been no default culture. It will proceed far whenever such a culture will come to an end,” he said.
An iconic industrialist of the country, Ahmed Akbar Sobhan said Bashundhara Group neither defaulted on any loan nor did it seek any interest waiver in the last 30 years.
The group has repaid all the loans successfully, he added.
The Bashundhara chairman said it is the right time for Bangladesh to take its economy to a new height with the fastest economic development.
Referring to government’s plan for setting up of 100 economic zones, including two under the ownership of Bashundhara Group, he said if the government itself establishes 50 percent of the economic zones, Bangladesh will progress ‘at rocket speed’.
State-owned Agrani Bank Limited and three private banks sanctioned a syndicated term loan of Tk 889 million for Bashundhara Food and Beverage Industries Ltd, a concern of country’s one of the largest business conglomerate Bashundhara Group.
Agrani is the lead arranger of the loan.
Ahmed Akbar Sobhan and Agrani Bank Chairman Zaid Bakht signed the agreement on behalf of their respective sides.
The three other banks are Bangladesh Commerce Bank Limited, Dhaka Bank Limited and Pubali Bank Limited.
Agrani Bank Managing Director and CEO Mohammed Shams-Ul Islam, Dhaka Bank acting Managing Director Imranul Haque, Bangladesh Commerce Bank Deputy Managing Director Kazi Rezaul Karim and Pubali Bank Deputy General Manager Sultana Sharifun Nahar were also present.
Speaking on the occasion, Ahmed Akbar Sobhan said Bashundhara Group has been working with Agrani Bank since 1992. The bank offered loans to many projects of Bashundhara Group.
Highlighting the contribution of Agrani Bank to land development business of Bashundhara Group, he said the financial institution provided a loan of around Tk 107 crore for Bashundhara Riverview housing project.
Ahmed Akbar Sobhan said Bashundhara Paper Mills alone accounts for 50 percent of local paper production.
He said Bangladesh has turned a paper-export country from importing country.
Agrani Bank Chairman Zaid Bakht said the government is implementing several mega projects, which help increase investment flows by private sector investors. “Today we’re signing a syndicated term loan amid festivity. It is simple but reflects the dynamism of the country’s development by the incumbent government,” he added.
Shams-Ul Islam said Agrani Bank has been providing loans for industrial purposes and the syndicated term loan for Bashundhara Food Beverage is also one of them. “What Bashundhara Group thinks today, others will think it tomorrow,” he said.
Bashundhara Group Senior Deputy Managing Director (DMD) Belayet Hossain, Kaler Kantho Editor Imdadul Haq Milon, Bashundhara Group Media Adviser Mohammad Abu Tayeb and top officials of Agrani Bank, among others, were present on the occasion.