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Pakistan to offer USD 8 million credit to Bangladesh

  1. Immigration to Canada
  2. Massive crackdown on KESC defaulters
  3. Merger of Kia-Hyundai
  4. IMF conditionalities for realese of $ 280m
  5. Pakistan Offer

Bangladesh Government has re-affirmed its interest to undertake Balancing, Modernization, Rehabilitation and Expansion (BMRE) of Carew & Co. Sugar Mills by availing credit earlier offered by the Government of Pakistan. In this connection, a two-member delegation led by Chairman State Engineering Hussain Ahmad Siddiqui visited Bangladesh during October 04-11 1999 for seeking the stance of the Government of Bangladesh to avail credit by Bangladesh Sugar & Food Industries Corporation (BSFIC).

During their stay in Bangladesh, the delegation alongwith Pakistan High Commissioner, Dhaka His Excellency Mr. Iqbal Ahmad Khan called on the Minister for Industry & Commerce Mr. Tofail Ahmed and had held meeting with Mr. K.M. Ejazul Huq, Secretary Industry. In-depth discussions were held with Mr. A.S. Salahuddin Ahmed, Chairman BSFIC to discuss various aspects related to the credit, BMRE project, and investment plans for future. Chairman State Engineering informed that Government of Pakistan is willing to consider offering a credit of USD 8 million for the BMRE of Carew & Co. Sugar Mills on 4 % interest rate. Consequent to the discussions, Bangladesh side has desired that credit offer be formally made by the Government of Pakistan for its consideration.

Bangladesh have always been a potential market for export of Pakistani engineering goods manufactured by the companies of State Engineering. The companies have exported plant, machinery and other engineering goods to the tune of nearly USD 30 million. Heavy Mechanical Complex (HMC) has exported and installed two complete sugar mills at Natore and Pabna, each of 1,500-2,000 tcd capacity, on turnkey basis, to Bangladesh Sugar & Food Industries Corporation (BSFIC) besides having supplied a cement clinker grinding & packing plant to Sena Kalyan Sangstha (SKS). Financing for these projects were under Government of Pakistan credit. Engineering goods such as EOT cranes, boilers, construction machinery, power looms, irrigation pumps, machine tools, electric motors, etc. have also been supplied to Bangladesh by HMC, Pakistan Engineering Co. (PECO) and Pakistan Machine Tool Factory (PMTF) in the recent past to the public and private sectors.

During the visit, Mr. Siddiqui also met President Dhaka Chamber of Commerce & Industry and private entrepreneurs interested to set up industrial projects besides senior executives of leading trading houses for marketing of Pakistani products in general and of State Engineering companies in particular. He was accompanied by Mr. Khurshid Ahmad, Dy. General Manager, HMC and Mr. Waqar Ahmad Shah, Commercial Secretary, Pakistan High Commission, Dhaka.