Ecnec approves 10 projects
The Executive Committee of the National Economic Council (Ecnec) yesterday approved 10 development projects, half of which were revisions. The cost and deadline of some of them have been extended twice or thrice despite repeated directives from government high ups for not allowing unusual delays. Five of the project proposals were for time and cost revisions. One was taken up in 2015 involving Tk 87.67 crore to establish two regional training centres of Bangladesh Krira Shikkha Protisthan in Chattogram and Rajshahi, to be implemented by 2017. The project’s third revision proposal has now been approved, raising the cost to Tk 162.46 crore while the deadline till June 2023. Another small project involving Tk 45.81 crore on the development of ICT infrastructure, human resources and technology skills of Jatiya Sangsad Secretariat was first approved in July 2017 for completion by June 2020. The first revision pushed the deadline to June 2021 and the second raised the cost to Tk 56.76 crore. The Ecnec on April 25, 2017 approved the project at an initial estimated cost of Tk 9,062.41 crore for implementation by December 2019. The project, being implemented by Bangladesh Islamic Foundation, will now cost Tk 9,435 crore and end in June 2024. The cost of the navigability development project has been increased to Tk 1,290 crore from its original estimate of Tk 956 crore while that of the rural infrastructural development project to Tk 1,465 crore from Tk 1,152 crore. Among the five new projects, the Ecnec approved one on the establishment of burn and plastic surgery units at five medical college hospitals in Sylhet, Barishal, Rangpur, Rajshahi and Faridpur for Tk 456.09 crore and for completion by June 2024.
Stocks keep soaring, cross 7,000 points again
The domestic stock market maintained its gaining streak for a fifth consecutive day yesterday thanks to higher investor participation. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 70 points, or 1 per cent, to 7,048. With this, the index has crossed 7,000 points after nine trading days. In the last four days, it soared 345 points, or 5 per cent. At the same time, the DSE’s turnover rose 49 per cent to Tk 1,330 crore, up from Tk 887 crore on the previous day. The benchmark index of the Dhaka bourse crossed the 7,000-mark by adding 70 points as investors were putting fresh bets on sector specific stocks in hopes of getting positive results in the coordinating meeting, International Leasing Securities said in its daily market review. At the country’s premier bourse, 274 stocks advanced, 69 declined and 32 remained the same. Aman Feed shed the most, dropping 3.57 per cent, followed by Asia Insurance, GBB Power, Index Agro Industries and Fortune Shoes. Stocks of Beximco Ltd traded the most with Tk 130 crore worth of shares changing hands, followed by One Bank, GSP Finance, Power Grid, and First Security Islami Bank. The Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the main index of the CSE, gained 204 points, or 1 per cent, to hit 20,606.
Pubali Bank’s Tk 500cr bond gets nod
Vision 2021, commonly known as Digital Bangladesh, one of the long-term socioeconomic development goals of the country, was unveiled more than a decade ago, and initiatives were taken accordingly by the government. MFS is revolutionising the traditional money transaction process and within a very short period of time, it was widely accepted thanks to affordability and the secure medium of transaction. Tech-savvy population, mobile connection, and internet penetration have played an active role for the bullish growth of the MFS sector since its inception. In July 2021, the number of registered MFS users reached 10.27 crore. It grew 159 per cent in the last four years. The number of monthly MFS transactions was 32.64 crore in July. Over the last couple of years, Bangladesh has remarkable progress in enhancing financial inclusion. And as a key driver, MFS has played an active role. In 2013, the financial inclusion rate was 20 per cent. It rose to 55 per cent in 2019.
MFS helping Bangladesh become digital economy
The shareholders of Doreen Power Generations and Systems Limited approved 25 per cent dividend along with other agenda in the 14th Annual General Meeting (AGM) held on Sunday through digital platform. Ms. Anjabeen Alam Siddique, Chairman of the Board of Directors of the Company presided over the meeting. Managing Director Mr. Tahzeeb Alam Siddique, Director Mr. Abul Hasnat, Director Mr. Ali Akbar, Independent Director Mr. Mahtab Bin-Ahmed and Mr. Masudur Rahman Bhuiyan, Company Secretary were present in the AGM along with others. Audited Financial Statements, auditors’ report along with directors’ report for the year ended 30th June 2021 were approved in the AGM. Shareholders approved 12% stock dividend for all shareholders and 13% cash dividend for general shareholders except directors or sponsors for the financial year 2020-2021. Earnings Per Share (EPS) and Net Operating Cash Flow Per Share (NOCFPS) of the company was Tk.8.09 and Tk.6.46 for the financial year 2020-2021. Net Asset Value Per Share (NAVPS) has stood Tk.48.41 as on 30 June 2021. Digital bill payments through MFS are becoming popular. In August, bills paid totaled Tk 1,323 crore, which was Tk 225.49 crore in September 2016. Merchant payment rose three times to Tk 3,465 crore in August, which was Tk 1,062 crore in the same month last year, and salary disbursement through the MFS system almost doubled to Tk 1,903 crore from Tk 1,063 crore in August last year. The government and corporations have already started taking steps towards digital financial inclusion and digital finance, and such initiatives are giving hope for a better future. This will directly contribute to achieving our next two targets: an upper-middle-income country by 2031 and a developed country by 2041.
IDLC, Prothom Alo honour SME entrepreneurs
IDLC Finance Ltd and the Prothom Alo yesterday awarded six SME entrepreneurs for their outstanding contribution to the economy through tireless work and dedication. Out of 1,100 nominations, the jury panel named the six best entrepreneurs in six categories: education, agriculture, health, manufacturing, best women entrepreneur and a special award.