Bangladesh’s remittance expected to reach $23 billion in 2023: World Bank

The remittance flow to Bangladesh is expected to reach $23 billion in 2023, according to a report of the World Bank. Currently, remittance is growing at 7 percent, said the Migration and Development Brief of the Global Knowledge Partnership on Migration and Development (KNOMAD), which is part of the Washington-based lender. The flows are projected to remain at $23 billion in 2024. The report said the growth in formal remittances is projected to remain flat on account of the lingering impacts of the recent balance of payment crisis that triggered exchange controls and led to parallel market exchange rate premia. Depreciation and exchange rate management policies have led migrants in countries such as Bangladesh to take advantage of the black-market premia and transfer funds through informal and formal channels.

Source: https://www.thedailystar.net/business/economy/news/bangladeshs-remittance-expected-reach-23-billion-2023-world-bank-3498186

Rooftop solar power promises $1b savings a year

A 2,000-megawatt new rooftop solar capacity could help Bangladesh save between $476 million and $1 billion annually, according to a study of the Institute for Energy Economics and Financial Analysis (IEEFA). Currently, the installed rooftop solar capacity stands at 160.63 MW. The study calculated the levelised cost of energy (LCOE) from 1 MW rooftop solar without a battery storage facility at Tk 5 ($0.046) per kilowatt-hour (kWh) against the electricity tariffs of Tk 9.9 ($0.09) and Tk 10.55 ($0.096) for industrial and commercial buildings, respectively. The institute has considered a tariff of Tk 18.68 per kWh for furnace oil-based plants and Tk 39.4 for diesel-fired units. This could yield annual savings of $476 million for the former and $1 billion for the latter, according to Shafiqul Alam, the lead analyst of the study.

Source: https://www.thedailystar.net/business/news/rooftop-solar-power-promises-1b-savings-year-3497726

Meghna Group of Industries set to get 4th economic zone, highest among business groups

The Meghna Group of Industries will be getting the fourth economic zone (EZ) — the highest among local business groups. The Bangladesh Economic Zones Authority (Beza) will sign a pre-qualification licence agreement with the Meghna Group to this effect in the capital today. The Meghna Group expects a new investment of $3 billion in the new economic zone, named Titas Economic Zone (TEZ). Currently there are three economic zones under the Meghna Group. Of them, domestic and foreign industries are producing products at Meghna Industrial Economic Zone (Miez) and Meghna Economic Zone (Mez) while Cumilla Economic Zone (CEZ) is ready for handover to investors.

Source: https://www.tbsnews.net/economy/meghna-set-get-4th-economic-zone-highest-among-business-groups-760850