A laudable deal

19 September, 2020 12:00 AM printer

Amidst economic constraints due to coronavirus crisis, it is indeed heartening that an extraordinary loan agreement has taken place on Thursday. As per the agreement, Bashundhara Industrial Complex Ltd, a concern of the country’s leading business conglomerate Bashundhara Group, will mobilise a fund worth Tk 7,000 million through a syndicated term loan from six banks, with Bank Asia being the lead arranger of the loan. Credits are due to all the reputed organisations party to the loan agreement because it testifies that the economy is bouncing back after brief hiatus due to the pandemic. It is also a case of the country’s laudable economic progress, strength of the financial institutions and capability of business corporations in utilising big bank loans.

Banks play an immense role in taking the country’s economy forward by creating entrepreneurs and helping existing entrepreneurs expand their business. In fact, it would be hard to find a large infrastructure or business that has been set up without bank loans. In this regard, Bashundhara Group’s Managing Director Sayem Sobhan Anvir’s remark that no business entities can take their business forward without bank loans is a reflection of the banks’ indelible role.

However, banks in Bangladesh are in tremendous pressure due to widespread defaulted loans. The way the size of the defaulted loans has been increasing in recent years, banks must be sceptical and afraid of loan proposals. But it is nice to know from one of the signatory bank’s managing director that the profile of Bashundhara group is so impressive that the board of directors of that bank agreed to contribute Tk. 1000 million to the syndicated loan for the group within a minute.

Certainly, the country needs more business entities like the Bashundhara Group those who do business with utmost integrity for the benefit of the country and the people. Hopefully, the example set by the group through impeccable record in upholding business ethics will inspire others to do business with similar honesty and dedication.