Cattle fatteners to get loans from Tk 5,000cr BB fund
The Bangladesh Bank yesterday said cattle fatteners or beef producers would get loan from its Tk 5,000 crore refinance scheme formed for ensuring food security. The announcement comes at a time when cattle fattening for beef production has been growing in Bangladesh amid growing interest among farmers owing to higher prices of beef. Last year, farmers reared 41 lakh cattle targeting to sell during Eid-ul-Azha, which accounts for half of annual demand for animals for meat. A total of of 33.42 lakh cattle were fattened under the special regime, which involves nutritious diets and movement restrictions, in 2017, according to the Department of Livestock Services. In November last year the central bank formed the refinance scheme to ensure food security as the banking regulator thinks the world might face a food crisis in the days to come. The loans will have to be disbursed to the sectors such as the cultivation of rice, vegetables, fruits and flowers, fish and poultry farming, and milk production, it said at that time. In a notice yesterday, the BB said the cattle fatteners have been brought to the sectors and they would be eligible for loans under the scheme.
Tax exemption for IT sector likely to be extended
The tax exemption facility for the software and Information technology-enabled services sector, which is scheduled to end in June 2024, is likely to be extended for several more years, a senior tax policy official hinted in a pre-budget talk on Tuesday. The development came as the Association of Software and Information Services (BASIS) proposed to extend the tax facility until 2030 so that the country can achieve the target of $5 billion IT-service export and make the sector further vibrant. “You demand to extend the facility until 2030, it may not be possible. However, the extension will be in place. You will get something positive,” Md Kausar Ali, first secretary of tax policy at the National Board of Revenue (NBR), said at the discussion at its office in the capital. At the event, BASIS Senior Vice-President Samira Zuberi Himika placed their budget proposals and said the tax facility needs to be extended till 2030 for achieving $5 billion in exports, preventing local currency outflows and keeping the domestic ICT sector competitive. “The Covid-19 pandemic and its fallouts set us back a few years. Efforts to expand export markets are ongoing but significant progress is yet to come. Investors are reluctant to invest long-term as the tax exemption period is remaining for a year,” she said.
Banglalink plans to raise over Tk 8b thru IPO
Banglalink Digital Communications Ltd, the third-largest mobile phone operator in Bangladesh, has planned to go public by offloading 10 per cent of its paid-up capital. Banglalink may raise more than Tk 8 billion through initial public offering (IPO) under the fixed-price method. The telecom operator’s paid-up capital is about Tk 84 billion. The multinational telecommunication company would be the third listed mobile phone operator in Bangladesh after Grameenphone and Robi Axiata. Bangladesh Securities and Exchange Commission Spokesperson Mohammad Rezaul Karim confirmed the development, saying the telecom operator has disclosed its plan to get listed in the stock market. A number of senior officials of Banglalink met with BSEC Chairman Shibli Rubayat-Ul-Islam on Tuesday and discussed the listing issue. Kaan Terzioglu, chairman of Banglalink, and group chief executive officer of VEON, the parent company of the operator, led the delegation. In March last year, Terzioglu said Banglalink was aiming to enter the stock market in three years.