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Tanners face tight credit

Reiaul Karim Byron andSAjjADUR Rahman
Banks appear least interested in extending credit to tanneries to procure rawhide during this year's Eid-ul-Azha that supplies more than half of the industry's annual requirements.
Last year, the banking sector extended nearly Tk 300 crore to tanners to buy rawhide, but this year the amount has been set at only Tk 240 crore.
Bankers blamed the sector's failure to repay past loans for this year's reduced sanctions.
“Borrowers who failed to repay last
year's loans will not qualify for credit this year.” said Syed Abu Naser Bukhtear Ahmed, managing director of Agrani Bank.
/Ygrani lent overTk 100 crore last year to this sector. This year, the bank set the target at only Tk 25 crore. Ahmed said most of last year's borrowers failed to payback.
Aminur Rahman, managing director of Janata Bank, also vowed to lend only regular clients.
"Loan defaults have piled up against the tannery sector.” said Rahman. “We are planning for an exit from these loans."
Sonali Bank is also facing hurdles in realising loans from the sector that piled up to a hefty Tk 175 crore.
Rupali Bank has outstanding loans worth nearTk 300 crore to the sector, of which, more than half are defaults.
Usually, private and foreign commercial banks stay away from lending to the tannery industry for high default risks. It appears the industry will have to rely solely on the four state-owned banks -- Sonali, Janata, Agrani and Rupali - to purchase rawhide during Eid-ul-Azha.
Of the amount set aside for the sector this year, about Tk 180 crore will come
from Janata Bank alone. The bank sanctioned Tk 165 crore last year.
“We will be giving this year's loan to only 12 parties," said a senior official of the bank.
Agrani Bank, which topped last year's list with Tk 100 crore, will give only Tk 25 crore this year, on approval of the bank's board.
Sonali Bank will lend Tk 26 crore to three borrowers and Rupali will sanction Tk 10 crore this year.
Tanners across the country process over 220 million square feet of leather a year, of which, 100 million square feet come in during Eid-ul-Azha, according
to sector people.
Leather, leather goods and footwear exports are among the top export earners for Bangladesh, with goods mostly destined to Europe and the far eastern countries.
Leather exports earned $45.46 million while footwear exports drew in $56.22 million in the July-September quarter of this fiscal year.
“Private banks do not lend to tanners, mainly due to the sector's failure to repay loans. Most borrowers show losses," said Anis A Khan, managing director of Mutual Trust Bank.
sajjad@thedailystar.net