Dhaka, Aug. 19 -- Bangladesh Bank (BB) has granted permission to release the remaining portion of an approved foreign currency syndicated loan for power generation company SS Power-I Limited.

The thermal power plant is a concern of S. Alam Group of Industries, located in Banshkhali, Chattogram.

Under the decision, the central bank permitted the release of nearly US$ 3.2 million, which constitutes the remaining portion of the syndicated loan under Rupali Bank PLC. It also waived the application of a specific provision of the Bank Company Act, 1991 regarding the opening of Letters of Credit (LC) for the company.

The Banking Regulation and Policy Department-2 of the central bank issued a notification on Wednesday (August 19) in this regar...