Regulatory Alerts2022-03-06
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EEF Circular Letter No. 01: Submission of EOI for establishment of Food processing and Agro based and ICT projects under Entrepreneurship supports(ESF) loan.
The document amends clauses 11.1 and 25.2 of the Entrepreneurship Support Fund (ESF) policy to facilitate project establishment. Clause 11.1 now permits applicants to submit an Expression of Interest (EOI) using a trade license company name in addition to RJSC name clearance. Clause 25.2 increases the project proposal evaluation fee from 100,000 BDT to 125,000 BDT and specifies that the VAT component of this fee is considered an investment in the entrepreneur's equity.
Bangladesh Bank Head Office Motijheel, Dhaka-1000 Bangladesh. www.bb.org.bd
ESF Unit
ESF Circular Letter No.-01/2022
Date: 21 Falgun, 1428 Bangabda 06 March, 2022 AD
Chief Executive Officer / Managing Director All Scheduled Banks and Financial Institutions of Bangladesh ICBC Capital Management Ltd.
Dear Sir,
Regarding submission of EOI for obtaining ESF loan for establishment of Food processing and Agro-based and ICT projects under Entrepreneurship Support Fund (ESF).
Reference is drawn to your attention to ESF Circular Letter No.-01/2020 issued on 27 September, 2020 AD / 12 Ashwin, 1427 Bangabda and the attached "Entrepreneurship Support Fund (ESF)" related Food processing and Agro-based and ICT projects associated Policy, 2018 (amended).
In this regard, to facilitate easier and more entrepreneurial implementation of the said policy, the following amendments have been made to clauses 11.1 and 25.2:
| Clause No. | Existing Instruction | Amended Instruction |
|---|---|---|
| 11.1 | Food processing and Agro-based sector institutions must be registered as Private Limited Companies. However, at the time of submitting Expression of Interest (EOI), application can be made after obtaining Name Clearance from RJSC. | Food processing and Agro-based sector institutions must be registered as Private Limited Companies. However, at the time of submitting Expression of Interest (EOI), application can be made after obtaining Name Clearance from RJSC. Additionally, EOI application can be made by obtaining the company name on the Trade License. |
| 25.2 | .... However, the relevant evaluation institution shall receive 1.00 (one) lakh Taka from the entrepreneur as fee for project proposal evaluation and in this case, applicable VAT according to prevailing rules shall be borne by the project authority, which shall be considered as investment in the entrepreneur's equity portion. | . However, the relevant evaluation institution shall receive 1.25 lakh Taka from the entrepreneur as fee for project proposal evaluation and in this case, applicable VAT according to prevailing rules shall be borne by the project authority and the VAT component of the evaluation fee shall be considered as investment in the entrepreneur's equity portion. |
Other instructions of the said circular shall remain unchanged.
You are requested to acknowledge receipt and advise to inform all concerned parties regarding this matter.
Yours faithfully,
(Md. Hanif Mia) General Manager ESF Unit, Bangladesh Bank Head Office, Dhaka Phone: 9530122 e-mail: hanif.miah@bb.org.bd
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