Tk 2,000 crore pre-financing fund formed for frozen food exporters

The fund will provide financing at a maximum of 7% 1 MIN(s) UPDATED 1 MIN(s) Star Business Report Bangladesh Bank has built a Tk 2,000 crore revolving pre-financing fund to support the country’s frozen food industry, particularly shrimp and fish exporters.The fund will provide financing at a maximum of 7 percent, while participating banks will receive the funds from the central bank at 4 percent interest.The initiative is aimed at easing some of the key financial constraints facing the export-oriented frozen food sector, including long cash-conversion cycles, high inventory costs, expensive cold-chain operations and limited access to low-cost financing, according to a Bangladesh Bank circular issued today.The three-year fund will be operated on a revolving basis.All scheduled banks operati