9:46 pm - Monday October 14, 2019
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EIB to provide EUR 82m to support efficient power generation

The European Investment Bank (EIB) has agreed to provide EUR 82 million to Bangladesh to support more efficient power generation in the country and reductions in emissions. The project will have important climate change benefits in a country that is especially vulnerable to the impacts of climate change. The project is part of a wider investment programme in the energy sector with an estimated total cost of USD 1.6 billion , whose objective is to facilitate the expansion of power generation, transmission and distribution as well as capacity-building in the country. The EUR 82 million EIB loan will serve to finance two specific projects under the programme, including the conversion of gas-fired plants in Baghabari and Shagibacar to combined-cycle plants.

GDP may go down due to political unrest

The country's gross domestic product (GDP) target may be lowered to 6.2 percent from the existing target of 7.2 percent, as the prevailing unrest is generating many risk factors in the economy, sources in the Finance and the Planning Ministries say. The policy makers are also thinking of lowering GDP target due to political instability. In a meeting of the Fiscal Co-ordination Council at the conference room of the Finance Ministry recently discussed the latest economic position and prospects of the country. Finance Minister AMA Muhith chaired the meeting. Bangladesh Bank Governor Dr Atiur Rahman, Finance Secretary Fazle Kabir, Chairman of the National Board of Revenue (NBR) Golam Hossain, Planning Commission Member Dr Shamsul Alam, Economic Relations Division (ERD) Secretary Abul ...

Crucial working conditions in RMG hinder sustainable growth in Bangladesh: ILO

Improving working conditions in Bangladesh’s ready-made garment (RMG) industry is crucial for achieving sustainable growth in the country, says a new report of International Labour Organisation (ILO) titled as ‘Bangladesh: Seeking Better Employment Conditions For Better Socioeconomic Outcomes’. According to the report prepared by the ILO Research Department in consultation with the ILO’s tripartite constituents in Bangladesh, the country experienced relatively high economic growth over the past two decades, mainly due to garment exports. Bangladesh accounted for 4.8 per cent of global apparel exports in 2011, compared with only 0.6 per cent in 1990.

Non-farm units see 118pc growth, regional disparity unchanged

Though the country experienced a 118 percent growth in non-farm economic units over the last 10 years, regional disparity still remains as usual, reveals the preliminary findings of the Economic Census 2013. The preliminary report of the Economic Census 2013 was launched by the Bangladesh Bureau of Statistics at its Agargaon headquarters on Sunday. The previous Economic Census, conducted over a three-year period from 2001 to 2003, showed that the country had about 37 lakh non-farm economic units, reports UNB. The preliminary findings of the latest Census, conducted over four months’ time from February to May this year, showed that the number of economic units has increased from 37 lakhs to 82 lakhs over the last 10 years, which is a 118 percent increase.

Bangladesh offers huge potential for halal food industry

Malaysian envoy
Bangladesh offers huge potential for the establishment of a halal food industry besides serving as a platform for Malaysian companies to penetrate Western and European markets. Malaysian High Commissioner in Bangladesh, Norlin Othman said there was huge demand for halal food products in this country of 160 million people out of which 95 per cent were Muslims. "We are competeting with India and Thailand in the food industry but we have an edge over them because of our status as an Islamic country," she told reporters during a briefing, Sunday. Malaysian envoy

EDF allocation raises to $1b

  The central bank has increased the allocation of the export development fund (EDF) by 25 per cent to $1.0 billion from the previous $800 million to meet the growing demand of the country's exporters, officials said Thursday. "We've enhanced the amount of EDF allocation to encourage the exporters for strengthening their businesses. Other provisions related to EDF will remain unchanged," a senior official of the Bangladesh Bank (BB) told the FE. The central bank is providing the re-financing facility to the exporters through commercial banks as short-term liquidity support. Under the existing provisions, the EDF financing is allowed for input procurements against back-to-back import letters of credit (LCs) or back-to-back inland LCs in foreign exchange, by manufacturers...