ADB to lend $250m to improve social protection system
The Asian Development Bank (ADB) will provide US$250 million as a policy-based loan to further improve the social protection system in Bangladesh, thereby supporting the vulnerable population against socioeconomic challenges. According to the ADB, the loan is the second sub-programme of the Strengthening Social Resilience Program (SSRP) approved in 2021, which helped implement institutional and policy reforms that strengthened the inclusiveness and responsiveness of social protection in Bangladesh. The reforms will help Bangladesh bring at least 80 per cent of social protection programmes with cash-based benefits under a standardised and integrated management system with connection to the G2P platform by June 2023. As of 2021, ADB’s cumulative assistance to Bangladesh since 1973 amounted to about $48 billion through loans, grants, and co financing, it said, mentioning that the ADB’s active portfolio in the country stood at around $11 billion with 50 projects as of April 2022.
Ecnec clears Tk 61b project
The Executive Committee of the National Economic Council (Ecnec) on Tuesday approved a project involving Tk 61.79 billion to enhance the electricity network in Dhaka and Mymensingh divisions. The total estimated cost of the 10 projects is Tk 108.86 billion (only additional costs of the revised ones were counted here), State Minister for Planning Dr Shamsul Alam told reporters after the meeting. Of the cost, Tk 51.43 billion will be borne from the government’s fund, while Tk 7.56 billion will come from the own funds of the organisations concerned and the rest Tk 49. 57 billion as project loans from foreign sources, he said. In terms of cost, the three largest new projects are Modernization and Capacity Enhancement of BREB Network (Dhaka-Mymensingh Division) project with an estimated cost of Tk 61.79 billion, Establishment of Rajshahi Medical University (RMU) with Tk 18.67 billion, and Modernization of Power Distribution-Smart Grids Phase-I with Tk 10.67 billion.
Social Islami Bank opened 10 new agent banking outlets
Social Islami Bank Ltd. has opened 10 new agent banking outlets. Chairman of the bank Dr Md Mahbub Ul Alam inaugurated the agent outlets as the chief guest virtually from the bank’s head office in Dhaka.
Local and Global Stock Indices *
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Major Currencies Exchange Rates Movement in Last Seven Days *
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