Initiative to save Bangla Cinema: Hall owners will get loan up to 5 crore BDT at low interest

Cinema hall will get loan up to 5 crore BDT at low interest

cinema-hall-in-Dhaka

Entertainment desk/Photo: The morning Express


Bangladesh Bank has set up a special refinancing scheme worth Tk 1,000 crore to provide loans to cinema hall owners to save Bangla Cinema. The bank on Sunday issued a policy setting the interest rate of the refinancing fund.

It said long-term loans at low interest rates would be given to cinema hall owners for renovation, modernization and construction of new halls. Earlier, on January 26, the board of directors of Bangladesh Bank approved the fund.

According to the policy, Bangladesh Bank will provide these loans to commercial banks at 1.5 percent interest. Banks will again be able to disburse these loans at the customer level at a maximum interest rate of 5 per cent. Banks will be able to disburse a maximum loan of Tk 5 crore against a cinema hall.

In addition, owners of metropolitan area halls will receive loans at 5 percent interest. Owners outside the metropolitan area will get loans at 4 percent interest.

The owners do not have to pay any installment of this loan in the first year. The maximum time available for loan repayment is 6 years.

For the convenience of cinema hall owners, loans or investment facilities will be provided for different periods. Bangladesh Bank will provide refinancing facility in addition to the scheduled bank financing for renovation, modernization, purchase of parts and construction of new cinema halls. The scheme will also be applicable for the construction of new cinema halls in various shopping complexes.

The money will be paid from Bangladesh Bank’s own funds. 500 crore will be distributed in the first phase. After confirming the expenditure, another BDT 500 crore will be provided in the second phase. The financing bank will assure each customer the guarantee of loan or investment facility for each cinema hall. But no cinema hall will get more than 5 crore BDT. This is great initiative taken By Bangladesh Govt to save Bangla Cinema.

Those who want to take a loan from this scheme, they have to apply to Bangladesh Bank by March 31, 2022. The scheme will be managed by the Department of Off-site Supervision at Bangladesh Bank.

The Morning Express

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