BB funds for two new Dreamliners

Bangladesh Bank (BB) will disburse the required amount of funds to Biman Bangladesh Airlines to procure two latest technology aircraft 787-9 Dreamliner Jets. BB will release the amount within December 5 next. For these Dreamliners, BB will give $ 31.50 crore which is equivalent to Tk 2658 (Tk 84.40 per dollar) crore for 10 years to Sonali Bank Limited (SBL). SBL will repay the amount at LIBOR (London Interbank Offered Rate) interest rate with 0.5 percent additional interest.

The amount will be paid to the Boeing company to procure two new Dreamliners for the national flag carrier. To this end, SBL CEO and Managing Director said, to provide a loan to Biman, an agreement was signed between SBL and Finance Ministry. Based on the agreement, SBL will disburse the amount to Biman’s favor. From BB’s reserve, the dollar amount will be issued against SBL.

According to SBL sources, the amount that SBL is taking from BB is in foreign currency mode. This amount will have to be returned at LIBOR alone with 0.5 percent interest rate, while Biman will pay LIBOR with one percent interest to SBL. According to sources, the central bank on August last, disbursed another instalment for Biman to purchase aircraft and spare parts. For this, BB has to disburse the amount in British Currency several times, which is Tk 2261 crore. The amount was used to send back the two 787-8 Boeing aircraft with spare parts to Egypt. The amount was also disbursed for 10 years of period.

Concerned officials said the two brand new Dreamliners 787-9 will be added to the Biman fleet within next month. This model air carrier can transport 300 passengers. At a time it can fly 14000 kilometers. With these, the total number of aircraft will stand at 12. ‘Sonar Tari’ can be the possible name of these aircraft.

SBL sources said they are fearing to get the loan back as Biman is not a profitable organization. If Biman is unable to return the amount, SBL’s non-performing loan will increase. However, BB sources said although the amount is being paid from the reserve, it would not affect the reserve account. This will be a part of the investment from the account.