Shipping Corporation repays Tk 475cr loans

Bangladesh Shipping Corporation (BSC) repaid Tk 475.25 crore to the interim government as the first instalment of a loan it received from the government and Exim Bank of China in 2016 to purchase ships.

Representatives of the BSC handed over the cheque to Chief Adviser Prof Muhammad Yunus at his office in the capital today, said a press release.

The chief adviser hailed them for setting examples for others by continuing to make profit.

"They are examples for state-owned companies," Yunus said.

The BSC took the loan to purchase six ships, including three bulk carriers, at a cost of more than Tk 1,457 crore to strengthen its fleet.

The loan deal enabled the BSC to add commercial ships to its fleet for the first time in 27 years in the financial year 2018-19.

Of them, five ships are now carrying goods across different oceans using the Bangladesh flag.

The BSC is supposed to repay the government a total of Tk 2,425 crore, which includes the principal amount and interest of the loan, in several instalments over a period of 13 years.

Dr Salehuddin Ahmed, adviser to the finance, Brig Gen (retd) M Sakhawat Hussain, adviser to the shipping ministry, Mohammad Yousuf, secretary to the shipping ministry, and Commodore Mahmudul Malek, managing director of the BSC, among others, were present.