Mega projects to get Tk 47,283cr from new ADP

The government will allocate Tk 47,283 crore to 12 mega projects, including those on the fast-track list, from the development budget for the upcoming fiscal year. The outlay will account for a fifth of the total annual development programme (ADP) for FY2021-22.The new allocation for the mega projects is 11.94 per cent higher than the original allocation of Tk 42,239 crore in the current fiscal year and about 49 per cent higher than the revised budget of Tk 31,742 crore. Although the government has raised the budget for the projects in the original ADP of FY21 compared to the year before, the implementation has slowed because of the coronavirus pandemic.The present scenario may change in the coming months as the government has taken measures to fight the deadly virus, including rolling out the vaccination programme, which prompted the authorities to plan for a higher development budget for FY22. The size of the next ADP could be Tk 225,324 crore, which is 14 per cent higher than the revised budget. The proposal will be placed during the meeting of the National Economic Council today for final approval.The government’s fast-track project list consists of nine projects, of which the implementation of an LNG terminal was completed, and the Moitree Super Thermal Power Plant project is not being funded under the ADP.

Source: https://www.thedailystar.net/business/news/mega-projects-get-tk-47283cr-new-adp-2094097

Stock turnover hits 4-month high

Stock market yesterday witnessed the highest turnover in four months, crossing Tk 1,500 crore, thanks to increased participation of institutional investors prompted by a continuous rise of the index. The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), surged 26.9 points, or 0.46 per cent, to stand at 5,840 yesterday.It was a rise for the eighth consecutive day. During the period, the index advanced 329 points, or around 6 per cent. Turnover, another important indicator of the stock market, rose 8 per cent to Tk 1,534 crore yesterday. In the country’s stock market, when the index starts to rise, it continues to do so and there is an opposite trend too, so when the index falls then it continues to do so, said Shahidul Islam, CEO of VIPB Asset Management Company.At the DSE, 142 companies’ stocks rose while that of 175 fell and 48 remained the same. Asia Insurance topped the gainers’ list, rising 9.92 per cent followed by Meghna Condensed Milk Industries, GQ Ball Pen Industries, Prime Bank and NRB Commercial Bank.Beximco’s stocks traded the most, worth Tk 113 crore, followed by Robi Axiata, SAIF Powertec, Prime Bank and IFIC Bank. Malek Spinning shed the most, dropping 4.32 per cent, followed by Emerald Oil Industries, eGeneration, Mercantile Insurance Company and Islami Insurance Bangladesh.Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the general index of the port city bourse, advanced 73 points, or 0.43 per cent, to stand at 16,922. Among 300 stocks to witness trade, 125 rose, 146 fell and 29 remained unchanged, shows the CSE data.

Source: https://www.thedailystar.net/business/news/stock-turnover-hits-4-month-high-2094045

BB allows banks to open temporary accounts to facilitate FDI

The central bank has allowed banks to open temporary non-resident taka accounts and temporary foreign currency accounts in the name of proposed companies of foreign investors to facilitate foreign direct investment (FDI) in Bangladesh.According to a circular issued by the central bank on Monday, designated banks shall observe simplified due diligence in opening these temporary accounts and the regular customer due diligence (CDD) procedures before transferring balances held in these temporary accounts to the regular accounts immediately after incorporation of the companies/enterprises along with other relevant instructions. Earlier, the scheduled banks have been allowed to open accounts through online application received via website/web portal/app of banks or government service providing entities like Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, Bangladesh Export Processing Zones Authority and Bangladesh Hi-Tech Park Authority under their one-stop service facilities.

Source: https://today.thefinancialexpress.com.bd/trade-market/bb-allows-banks-to-open-temporary-accounts-to-facilitate-fdi-1621269817

Solar power plant in Manikganj starts commercial operation

A 35MW solar power plant in Manikganj has gone into commercial operation, supplying electricity to the national grid, reports UNB.Spectra Solar Park Ltd, (SSPL), a joint venture of Bangladeshi Spectra Group and Chinese Shunfeng Investments Limited (SIL), developed the project at ShibalayaUpazila in Manikganj with $15 million financial support from the Asian Development Bank (ADB). The state-owned Bangladesh Power Development Board (BPDB) will purchase electricity from this independent power producer (IPP) project at a rate of Tk 11.12/kWh ($0.13) under a 20-year power purchase agreement (PPA). Official sources said SSPL is a special purpose vehicle (SPV) owned by Bangladesh-based Spectra Engineers Limited (SEL) and the Hong Kong, China-based Shunfeng Investments Limited (SIL). The SSPL is the borrower for the loan and will build, own, and operate the project. SEL owns 80 per cent of SSPL and SIL owns the remaining 20 percent. According to the sources, the Consortium of Spectra Engineers Limited &Shunfeng Investment Limited owned the 35 MW (AC) grid-connected solar park through an unsolicited offer under the Fast Power and Energy Supply (special) Act.The Sustainable and Renewable Energy Development Authority (Sreda) show that among different renewable energy sources, PV solar leads the sector with 466.68 MW generation capacity, while it is followed by hydro with 230 MW capacity, 2.9 MW from wind, 0.63 MW from Bio-gas and 0.4 MW from Biomass.

Source: https://today.thefinancialexpress.com.bd/trade-market/solar-power-plant-in-manikganj-starts-commercial-operation-1621269867