As per request of Bangladesh Government to promote non-traditional manufactured items export business of Bangladesh, International Development Association (IDA) in 1989 arranged an Export Development Fund (EDF) primarily with US$ 31.2 million and the present balance of EDF is US$100.00 million.
Objectives for creating EDF and preconditions for avail EDF:
The objectives for creating Export Development Fund (EDF) and pre-conditions for avail EDF are as follows:
The main objectives of creating an Export Development Fund (EDF) at the Bangladesh Bank is assure a continued availability of foreign exchange to meet the import requirements of non-traditional manufactured items. This facility is available to the non-traditional exporters, particularly new exporters, exporters diversifying into higher value exports and exporters diversifying into new markets. An exporter identify above is eligible to avail of EDF facilities on the conditions stated below:
(i) He must be an exporter of non-traditional manufacturing items.
(ii) The value added of these products could be 20% except in the case of garments where it has to be 30% and above.
(iii) The loan should be utilized in the case of importing raw-materials for manufacturing the exportable products.
(iv) The exporter must have an Export L/C.
(v) He must create a Back to Back L/C for importing raw materials.
(vi) The period of loan is 180 days.
(vii) The exporter can borrow as many times in a year on revolving basis.
(viii) The interest rate of EDF is LIBOR + 1%.
(ix) An exporter can borrow an amount not exceeding US$5,00,000/- in a single case, but outstanding should not be more than US$10,00,000/-
(x) He has to have an Export Credit Insurance through Export Credit Guarantee Scheme (ECGS).
The main objectives of creating an Export Development Fund (EDF) at the Bangladesh Bank is assure a continued availability of foreign exchange to meet the import requirements of non-traditional manufactured items. This facility is available to the non-traditional exporters, particularly new exporters, exporters diversifying into higher value exports and exporters diversifying into new markets. An exporter identify above is eligible to avail of EDF facilities on the conditions stated below:
(i) He must be an exporter of non-traditional manufacturing items.
(ii) The value added of these products could be 20% except in the case of garments where it has to be 30% and above.
(iii) The loan should be utilized in the case of importing raw-materials for manufacturing the exportable products.
(iv) The exporter must have an Export L/C.
(v) He must create a Back to Back L/C for importing raw materials.
(vi) The period of loan is 180 days.
(vii) The exporter can borrow as many times in a year on revolving basis.
(viii) The interest rate of EDF is LIBOR + 1%.
(ix) An exporter can borrow an amount not exceeding US$5,00,000/- in a single case, but outstanding should not be more than US$10,00,000/-
(x) He has to have an Export Credit Insurance through Export Credit Guarantee Scheme (ECGS).
Purposes of EDF:
(i) To make the payment of import bill against Back to Back sight L/Cs. For export of goods Bangladesh Bank arrange pre shipment credit by EDF.
(ii) To increase the working capacity of Export administration and financial institutions.
(iii) To encourage the motive of the foreign supplier. Foreign guarantee conferring institutions and foreign commercial banks who provide short time loan to the Bangladeshi exporters.
(ii) To increase the working capacity of Export administration and financial institutions.
(iii) To encourage the motive of the foreign supplier. Foreign guarantee conferring institutions and foreign commercial banks who provide short time loan to the Bangladeshi exporters.
Perhaps the article was written many times back and after that some great changes have been taken place. Those are - 1. now the size of the fund is quite gigantic, i.e. US$ 1.00 billion (1000 Million), 2. The Maximum exposure limit is US$ 12.00 Million if it is a textile company, US$ 1.00 million if it is a packaging company and US$ 5.00 lac if it is a plastic or ceramic manufacturer. Furthermore, the interest rate has been lowered recently which is six month LIBOR+1.5% (in a more clear way it is Bangladesh bank charges LIBOR+0.5% and when the exporters get it ultimately from a commercial bank, extra 1% rate is charged beyond the prior). Thank you.
ReplyDeleteDear friend,
DeleteMay you suggest transparent method of getting Export development fund (EDF) from Bangladesh Bank.
My partner local non government bank inform that interest rate of the EDF is 3% for Bangladesh Bank and 13% for the local bank of business transiction.
The interei rate is too much according to government rule.
Will you recommend me the proper way for applying EDF. I fulfill all criteria for applying the loan according to web findings.
Your valuable suggestions will help me a lot to overcome the initial struggle.
Ziaul Chowdhury.
ziachowdhury72@gmail.com
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ReplyDeleteDear Arup da,
DeleteMay you suggest transparent method of getting Export development fund (EDF) from Bangladesh Bank.
My partner local non government bank inform that interest rate of the EDF is 3% for Bangladesh Bank and 13% for the local bank of business transiction.
The interei rate is too much according to government rule.
May you recommend me the proper way for applying EDF. I fulfill all criteria for applying the loan according to web findings.
Your valuable suggestions will help me a lot to overcome the initial struggle.
Ziaul Chowdhury.
ziachowdhury72@gmail.com
This comment has been removed by the author.
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Dear friend,
ReplyDeleteMay you suggest transparent method of getting Export development fund (EDF) from Bangladesh Bank.
My partner local non government bank inform that interest rate of the EDF is 3% for Bangladesh Bank and 13% for the local bank of business transiction.
The interei rate is too much according to government rule.
Will you recommend me the proper way for applying EDF. I fulfill all criteria for applying the loan according to web findings.
Your valuable suggestions will help me a lot to overcome the initial struggle.
Ziaul Chowdhury.
ziachowdhury72@gmail.com
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