9 foreign cos willing to invest Tk6,250cr in farm mechanization
Nine foreign companies have expressed interest in investing around Tk6,250 crore in manufacturing farm machinery in Bangladesh, a move experts say will contribute to agricultural modernisation and economic growth. These companies have already submitted proposals to the Bangladesh Investment Development Authority (Bida) and applied to the Office of the Registrar of Joint Stock Companies and Firms (RJSC) for permission to start operations in the country. According to RJSC sources, four Chinese companies are willing to invest Tk700 crore, Tk1,200 crore, Tk1,000 crore, and Tk600 crore, respectively. Two Japanese companies intend to invest Tk800 crore and Tk350 crore, while two Korean companies Tk550 crore and Tk650 crore each. Additionally, a Taiwanese company is looking to invest Tk400 crore. The company will manufacture machinery and equipment such as farming vehicles, tractors, combine harvesters, tractor attachments, ploughs, harrows, fertilizer spreaders, seeders, balers, and wagon trailers.
Govt borrows Tk13,000cr from banks in May, highest in a month
The government borrowed Tk13,015 crore from banks in May alone, which is significantly higher compared to just Tk7,663 crore borrowed in the previous 10 months combined. In the same month, the government repaid Tk2,783 crore to the Bangladesh Bank, according to data from the central bank. At the end of May, its borrowing from the central bank stood at Tk71,610 crore, compared to Tk2,146 crore at the same time last fiscal year. According to data from the Bangladesh Bank, in the 11 months of the current fiscal year, the government has borrowed from the banking system – the central bank and scheduled banks – to the tune of Tk92,288 crore which is 82.68% of the target for the entire financial year. At this time in the last fiscal year, the government’s bank borrowing was only Tk32,515 crore. In the July-May period, the government borrowed Tk20,678 crore from banks compared to Tk30,368 crore in the last financial year.