ICB details use of fund secured through government guarantee

To support investment in the capital market and to repay high-interest-bearing loans, Bangladesh Bank, under a sovereign guarantee, sanctioned and disbursed BDT 3,000.00 (three thousand) crore in favour of the Investment Corporation of Bangladesh (ICB).

 As per the ICB proposal and approval of the Ministry of Finance and Bangladesh Bank, a high-level committee was formed, comprising two directors of the ICB Board of Directors, the Managing Director, and other senior officials, under the leadership of the Honourable Chairman of the Board of ICB, to ensure appropriate utilisation of the fund. 

Under the supervision of this committee, BDT 1,000.00 (one thousand) crore has been invested in 'A' category securities listed in the capital market. Based on the committee's decision, BDT 2,000.00 (two thousand) crore has been utilised to repay a portion of the high-interest loans obtained from various banks, non-bank financial institutions, and other corporate entities to extend support to the capital market. 

After completing the required audit procedures to ensure the proper utilisation of the funds, the matter was formally placed before the ICB Board of Directors for their due cognisance.