Govt to form ‘Delta Fund’ to finance climate projects

The government is going to form a special fund titled ‘Bangladesh Delta Fund’, for implementing its long-term integrated master plan, ‘Delta Plan 2100’, to harness the huge potentials of Bangladesh through water resource management, ensuring food and water security and tackling disasters, reports UNB. According to an official document obtained by the news agency, it would require implementation of a good number of new projects apart from development and maintenance of the existing infrastructure for accomplishing the Delta Plan 2100.To implement the Delta Plan, 2.5 per cent of the Gross National Income (GNI) will be required till 2030. Currently, the expenditure in this sector is only 0.80-1.0 per cent, shows the document. Under the plan, 80 projects have been proposed for implementation within 2030. Of the projects, 65 are related to physical infrastructure while 15 to institutional capability, skill development and research, involving Tk 2,978 billion (around USD 37 billion).The National Economic Council approved the ‘Bangladesh Delta Plan 2100’ in September 2018, to be implemented over the next 100 years, aiming to raise the GDP growth to 9 per cent by 2030. According to the Planning Ministry document, about 70 per cent of the areas in 16 districts, where the poverty rate is very high, are most vulnerable to natural disasters.

Source: https://today.thefinancialexpress.com.bd/trade-market/govt-to-form-delta-fund-to-finance-climate-projects-1596898524

WB report focuses on infrastructure quality

Well thought-out investment planning helps raise economic growth rates, increases competitiveness, offers new economic opportunities, and bolsters improvement in human capital, reports BSS citing a new World Bank study. The WB study report addresses need to better understand current levels of infrastructure quantity and quality.Infrastructure in Asia is the first step of a new research effort that will expand to other regions. The report is organised to provide regional overviews by the sector, followed by country snapshots. Over the past few decades, a large part of Asia (both East Asia and South Asia) has enjoyed strong economic growth and steady social development. Nevertheless, the region faces significant constraints in infrastructure investment. This is exacerbated by Covid-19 pandemic and the short-term challenges of a slowing global economy, higher borrowing costs, and geopolitical tensions.

Source: https://today.thefinancialexpress.com.bd/trade-market/wb-report-focuses-on-infrastructure-quality-1596898505

Internet subscribers surpass 103m

Of them, 94.905 million subscribers are mobile internet users while 8.571 million use broadband internet. The total number of internet subscribers stood at 99.428 million at the end of December 2019, up from 91.421 million in January 2019, showed the data of the Bangladesh Telecommunication Regulatory Commission (BTRC). Of the last year’s total subscribers, 93.681million were mobile internet users and 5.742 million broadband Internet users while and the remaining were WiMAX users.

Source: https://today.thefinancialexpress.com.bd/trade-market/internet-subscribers-surpass-103m-1596898479

18 banks added to bKash Add Money service

The opportunity of instant money transfer service from banks’ app and internet banking to bKash account marked rise with the addition of 7 new banks. Community Bank Bangladesh, Modhumoti Bank, NRB Bank, Southeast Bank, First Security Islami Bank, Social Islami Bank and Union Bank have recently been added to the Add Money service of bKash. The facility of transferring money to bKash from 18 top commercial banks in the country now enables 45 million bKash users to enjoy easier and more convenient transactions.Customers can safely add money to their bKash account without any hassle in a few simple steps. They need to tap on’AddMoney’after selecting ‘Bank to bKash’ or ‘Card to bKash’ option fromthe main menu of bKash app’s homescreen. In case of Bank to bKash service, if the customer clicks on the logo of the designated bank, he/she is redirected to the log-in page of that bank. Customer’s cash-in limit is applicable ontheAdd Money service. That means, a customer can bring a maximum amount of Tk 30,000 in 5 times in a day and a maximum amount of Tk 2 lakh in 25 times in a monthby combining cash-in and Add Money.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/18-banks-added-to-bkash-add-money-service-1596901459

Walton’s IPO subscription begins today

Public subscription of Walton Hi-Tech Industries Limited begins today (August 9) to raise Tk 1.0 billion from capital market under the book building method. The IPO subscription will be continued until August 16, said a statement. A beneficiary owner account (BO) holder can apply only for a single lot consisting of 20 shares. Price of Walton’s each share for both resident and non-resident Bangladeshis is set at Tk 252 and thus a BO account holder can apply for a single lot at Tk 5,040. As per the company’s financial statement as of June 30 of 2019, WHIL’s NAV with revaluation reserve per share was recorded at Tk 243.16 while its EPS was Tk 45.87. Walton Hi-Tech is going to be listed in the capital market with the highest ever EPS recorded during the IPO.Bangladesh Securities and Exchange Commission (BSEC) on June 23 approved the IPO proposal of the Walton Hi-Tech by issuing nearly 2.93 million ordinary shares. As per the stock market regulator approval, the eligible investors will get 1.38 million shares of the company at the cut-off price of Tk 315 each, fixed earlier through electronic bidding. And, the general investors will get the remaining 1.55 million shares through IPO at Tk 252 each, a 20 per cent discount on cut-off price, as the company gave 10 per cent additional discount considering the interest of the capital market and small investors.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/waltons-ipo-subscription-begins-today-1596901537