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ADB, City Bank sign new trade finance deal in BD

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The Asian Development Bank (ADB) and the City Bank Limited on April 27 signed a loan agreement for $5 million to support import and export financing for Bangladeshi businesses. Under the agreement, ADB’s Trade Finance Program (TFP) will provide trade loans to the City Bank to on-lend to local firms. “We are pleased to be growing the partnership with the City Bank and to support more trade, which is directly linked to job creation and economic growth,” said Edward Faber, TFP citybankRelationship Manager for Bangladesh. “Wit...

WB forecasts 6.4pc growth in 2018 for Bangladesh

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South Asia remains the fastest-growing region in the world with Bangladesh sustaining growth at 6.8 percent in 2017, gradually widening its lead relative to East Asia, according to a latest report of World Bank. Regional GDP growth of South Asia is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018, according to the report. rmgbdThe economy of Bangladesh, the WB report said, has weathered global uncertainties well aided by strengthening investment and a recovery of exports. For Bangla...

ICA joins IFC, others to invest $30m in power plant

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IFC, a member of the World Bank Group, has brought in Japanese agency JICA to invest $30m in Sembcorp North-West Power Company, a joint venture of Sembcorp Utilities and Bangladesh‘s state-owned North-West Power Generation Company, that is building a 414MW dual-fuel combined-cycle power plant at Sirajganj, Bangladesh. The plant will significantly expand power-generation capacity in Bangladesh. JICAs $30 million is part of the total financing package of $ 165 million that includes a loan from IFCs own account as well as additional loans mobilized through partners. The total project cost is estimated at around $412 million. JICAs Senior Vice-President Kenichi Tomiyoshi said, “The project is expected to be one of the

Norway happiest country, Bangladesh 110th: Report

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Norway displaced Denmark as the world’s happiest country, whereas Bangladesh stood at the 110th place, in a new report released today that called on nations to build social trust and equality to improve the wellbeing of their citizens. The Nordic nations are the most content, according to the World Happiness Report 2017 produced by the Sustainable Development Solutions Network (SDSN), a global initiative launched by the United Nations in 2012. Norway happiest countryCountries in ...

KEPZ to create job for 3 lakh people

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Korean Export Processing Zone (KEPZ) has a prospect to create jobs for 303,000 people, of whom 100,000 directly, by bringing total foreign investment worth $1.2 billion by the year 2020, officials of the country’s first-ever private EPZ said. “With the support of the government and the people of the locality, we would soon be able to go into full operation to explore the huge potentials,” said Jahangir Sadat, president of the KEPZ. He said the KEPZ situated at Anwara in Chittagong will have total 1.0 crore square feet (sft) of

Trump loses appeal court bid to reinstate travel ban

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A US appeals court has rejected president Donald Trump's attempt to reinstate his ban on visitors from seven mainly Muslim countries. The 9th US Circuit Court of Appeals said it would not block a lower-court ruling that halted the order. Trump responded with an angry tweet saying national security was at risk and there would be a legal challenge. travel_banBut the 3-0 unanimous ruling said the government had not proved the terror threat justified reviving the ban. The ruling means that people from Iran, Iraq, ...