WB to provide $2.25b for five BD projects

The World Bank will provide Bangladesh with loans worth US$2.25 billion to finance the growth, regional connectivity, and disaster preparedness programmes. The financing agreements were signed on five projects during the celebration of 50 years of ‘strong partnership’ between the World Bank (WB) and Bangladesh in Washington, USA. The partnership has helped lift millions of Bangladeshis out of poverty and supported the country’s economic growth and development. Of the financing agreements, $753.45 million will be made available for Accelerating Transport and Trade Connectivity in Eastern South Asia (ACCESS) Programme Phase 1, aiming to help improve regional trade. The WB will also provide $500 million worth of credit for Resilient Infrastructure for Adaptation and Vulnerability Reduction (RIVER) project, which will be the first major investment project to support the Bangladesh Delta Plan 2100. Another $500 million worth of loan will be available under the First Green and Climate Resilient Development Credit, aiming to help Bangladesh’s transition to green and climate-resilient development. Besides, the WB will also provide $250 million for Sustainable Microenterprise and Resilient Transformation (SMART) and $250 million for Bangladesh Environmental Sustainability and Transformation (BEST) Project to support the micro-enterprises sector and strengthen environment management in Bangladesh respectively.

Source: https://today.thefinancialexpress.com.bd/first-page/wb-to-provide-225b-for-five-bd-projects-1683052188

Bangladesh’s exports to India could rise by 300% if connectivity improves

Indian High Commissioner in Dhaka Pranay Verma said on Tuesday that Bangladesh’s exports to India could increase by nearly 300% if connectivity improves along with trade and infrastructure. Studies indicate that the seamless connectivity between India and Bangladesh has the potential to increase national income by 17% in Bangladesh and 8% in India. In the last 10 years, Bangladesh’s exports to India have increased by around four times, reaching nearly $2 billion in the fiscal 2021–22. According to data from the Bangladesh Bank, in the fiscal 2017–18, goods worth $8.62 billion were imported from India, and the volume increased to over $14 billion in the fiscal 2021–22. It took us 47 years to have our first $1 billion export, and it took us another only four years to make it to $2 billion.

Source: https://www.tbsnews.net/economy/bangladeshs-export-india-could-increase-nearly-300-if-connectivity-improves-indian-envoy

Romo Rouf Chowdhury re-elected as Bank Asia chairman

Romo Rouf Chowdhury has been re-elected as chairman of Bank Asia Limited on Sunday. Mr. Chowdhury is one of the sponsor shareholders as well as sponsor directors of Bank Asia. He is a graduate in engineering from Durham University, United Kingdom. He has more than 30 years of experience as an industrialist. Currently, Mr. Chowdhury holds the position of chairman of Rancon Group.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/romo-rouf-chowdhury-re-elected-as-bank-asia-chairman-1683051879