ADB approves $940m loan for vaccine purchase
The Asian Development Bank yesterday approved a loan package of $940 million for Bangladesh to help the country buy Covid-19 vaccines. The package comprises a regular loan and a concessional loan of $470 million each, the Manila-based lender said in a press release. This is part of the bank’s $9 billion Asia Pacific Vaccine Access Facility launched in December 2020 to offer rapid and equitable vaccine-related support to the ADB’s developing member countries. The project will fund the purchase of an estimated 44.7 million doses of vaccines to be administered to more than 20 million Bangladeshis by 2024. The ADB supported Bangladesh’s Covid-19 response through a $250 million loan in June 2021 to strengthen social protection and resilience programmes and a $500 million loan in May 2020 for expanding social safety nets for vulnerable groups and supporting critical labour-intensive industries and small and medium enterprises to preserve jobs.
Stocks fall on profit booking
The stock market fell yesterday as investors booked profits following the rise in the prices aided by the steady run of the key index. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 19 points, or 0.32 per cent, to close the day at 6,105. The investors are cashing profits to benefit from the higher position of the index, said a stockbroker. On Monday, the index rose to a three-and-a-half-year high of 6,125, according to DSE data. Turnover, an important indicator of the market, decreased 1.27 per cent to Tk 2,043 crore. On the DSE, 134 stocks rose, 204 declined, and 31 remained unchanged. Bangladesh Monospool Paper Manufacturing topped the gainers’ list that rose 10 per cent, followed by Tamijuddin Textile, Malek Spinning, Square Textile, and Prime Textile. Pioneer Insurance was the most traded stock with shares worth Tk 147 crore changing hands, followed by Beximco Ltd, Maksons Spinning, National Feed Mills, and Orion Pharmaceuticals. Prime Islami Life Insurance shed the most, declining 17.1 per cent. Sea Pearl Beach Resort & Spa, Reliance Insurance, Green Delta Insurance, and Fareast Life Insurance also witnessed major losses. The port city bourse soared. The CASPI, the general index of the Chittagong Stock Exchange, rose 178 points to 17,762.
City Bank gets new DMD
City Bank recently witnessed the appointment of a new deputy managing director. The appointee, Zabid Iqbal, has been serving the bank as credit risk officer and chief anti-money laundering compliance officer since January 2019. Starting his career in 1998 with AB Bank as a probationary officer, he afterwards worked for HSBC Bank in Bangladesh and Hong Kong, the Commercial Bank of Ceylon, American Express Bank and Dhaka Bank. Iqbal obtained an MBA degree from the Institute of Business Administration, University of Dhaka and completed a Chartered Financial Analyst (CFA) programme at the CFA Institute of USA.
Bangladesh cotton waste worth $100m
New research suggests that cotton waste produced by the major clothing sector in Bangladesh could be worth up to US$ 100 million (EUR 84 million) in the recycling market, according to a report published on https://recyclinginternational.com. A report from the country’s cross-industry Circular Fashion Partnership (CFP) estimates that in 2019 Bangladesh produced approximately 577, 000 tonnes of waste from its readymade garments (RMGs) factories and fabrics mills, of which 250 000 tonnes were 100% pure cotton waste. Bangladesh is currently heavily reliant on imports of textile fibre, bringing in 1.63 million tonnes of staple cotton fibre in 2019 worth US$ 3.5 billion. Based on the CFP findings, recycling cotton waste could help cut such imports by around 15 per cent, saving US$ 500 million.