Cinema owners to get long-term loans at low interest rates for renovation, modernization and construction of new halls. Bangladesh Bank has formed a special refinancing scheme of Tk 1,000 crore, for this.
Last Sunday, Bangladesh Bank issued a policy setting the interest rate of the refinancing fund. Owners of metropolitan area halls will get loans at 5 percent interest. Owners outside the metropolitan area will get loans at 4 percent interest. 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.
The owners do not have to pay any installment of this loan in the first year. The maximum time available for loan repayment is 8 years.
For the convenience of cinema 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 cinemas. The scheme will also be applicable to 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 Rs 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. But no cinema will get more than 5 crore.
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 Site Supervision of Bangladesh Bank. Film owners, including hall owners, see this initiative of the government as a blessing to take the film industry forward. They think that due to this initiative of the government, the cinema which is dormant at the present time will turn around again.
