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6.8pc growth in 2017: World Bank

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Bangladesh’s growth in 2017 will be 6.8 percent, the World Bank has said in a report. The global lender, in its report Global Economic Prospect released Sunday, attributed the decline in growth to sliding remittance and shrink in internal demand and industrial production. Finance Minister AMA Muhith has projected for a GDP growth of 7.4 percent for the fiscal wb2017-18 in the budget he proposed. However, he himself said it was an ambitious budget. Last year, the growth target of overcoming the “6 percent growth trap” was overcome as...

Challenges in achieving higher growth

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Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus GDP to become a middle income country. The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects. To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29.0% of GDP in FY2015 to 34.4% of GDP by FY2020, said ICC Bangladesh President Mahbubur Rahman while presenting the Executive Board Report at the ICC Bangladesh Annual Council held in Dhaka on Thursday (25 May). Bangladesh economy embraces 2017 with some other challenges that include declining remittanc...

One-Stop Service to promote investment

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The cabinet today approved in principle the ‘One-stop Service Act, 2017’ to facilitate domestic and foreign investors in getting various services with regard to their business under a package programme from one centre. The approval was given in the weekly meeting of the Cabinet held at Bangladesh Secretariat bbwith prime minister Sheikh Hasina in the chair, reports BSS. “Under the law entrepreneurs or investors having registered companies will get 16 types of services from the one-stop service centre within a stipulated timeframe f...

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