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ICT entrepreneurs to enjoy special facility for bank loan

Published : Tuesday, 20 August, 2019 at 12:00 AM  Count : 905

Entrepreneurs in the information and communication technology (ICT) sector from now on don't have to get a mortgage to ensure a loan from banks.
Instead they will be given loan support to establish their entities based on profiles of their ideas of entrepreneurship. To provide the loan support, the government has decided to establish a separate financing company 'Startup Bangladesh Limited' under the Bangladesh Computer Council (BCC) with a paid-up capital of Tk 500 crore.
The Cabinet on Monday gave its approval to establish the company at its regular meeting held at the Prime Minister's Office. Prime Minister's Sheikh Hasina chaired the meeting held after around a month.
Later, Cabinet Secretary Mohammad Shafiul Alam briefed media at the Secretariat about the outcomes of the meeting.
The Monday's Cabinet meeting also cleared two draft laws, two policies and a proposal to form another public limited company under the Power Division.
It also agreed to reorganize the Cabinet Committee on Reviewing the Provisions of the Bangladesh Engineering Research Council Law, 2018.
The draft laws are the Chandpur University of Science and Technology Act, 2019 and the Mongla Port Authority Act, 2019.
The policies are the 'Coordinated/Special Education Policy for the Neuro-Developmental Disabilities, 2019' and the 'National School Meal Policy, 2019'.
Other newly formed company is Bangladesh Power Equipment Manufacturing Company Limited.
The joint venture company is formed under the Power Division comprising the state-owned Rural Power Limited (RPCL) and Shenzhen Star Instruments Company Limited of China.
In his briefing, Cabinet Secretary Shafiul Alam said the newly formed state-owned company will provide loan to the ICT sector entrepreneurs for manufacturing and marketing ICT products.
It will fix its interest rates following the government provisions after starting functions.
The company, formed with a paid-up capital of Tk 500 crore will start its initial journey with a capital of Tk 200 crore. The value of its every share will be Tk10.
A board with seven directors will operate the company, where ICT Division's Secretary will act as ex-officio chairman.

However, the Coordinated/Special Education Policy for the Neuro-Developmental Disabilities has kept the provision of prohibiting establishment of sub-standard and unnecessary schools for the Neuro-Developmental Disabled children.
The policy was prepared compiling the provisions of the National Education Policy and other relevant policies of the government.

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