Banks asked to disburse remittance in two days

Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad. The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels. The move comes at a time when Bangladesh is facing a shortage of foreign currencies for the smooth settlement of external payments, including import bills, while remittance inflows through banking channels have declined. However, 11.37 lakh Bangladeshis, the highest on record, went abroad for jobs in the fiscal year 2022-23, according to data from the Bureau of Manpower, Employment and Training. Remittance earnings slipped 13.34 percent year-on-year to $4.9 billion in the July-September period of the current fiscal. September was the third consecutive month to witness a fall in remittance inflow. Last month, migrant workers sent home $1.34 billion, down 12.7 percent year-on-year and a 41-month low. The daily average flow of remittance was $60 million in October, up from $45 million in September.

Source: https://www.thedailystar.net/business/economy/news/banks-asked-disburse-remittance-two-days-3447886

Renewable energy can create 9,300 jobs by 2030

The nation’s power sector will create at least 9,300 jobs in the renewable energy sector if the government can fulfil its target of renewable energy usage by 2030, a study conducted by the Centre for Policy Dialogue (CPD) found yesterday. It said the country would need an integrated and comprehensive plan to enhance the skills of manpower through proper training and re-training alongside curriculum development in universities. It mentioned the target of the Mujib Climate Prosperity Plan, which aims to make the country capable of generating at least 6,000 megawatts (MW) of electricity from renewable sources, including solar power plants and wind farms, by 2030. This will result in a 27.8 percent reduction in the use of fossil fuels and an 80.1 percent increase in renewable energy use within seven years.

Source: https://www.thedailystar.net/business/economy/news/renewable-energy-can-create-9300-jobs-2030-3447831

BSRM Steels gets $50m Jica loan

The Japan International Cooperation Agency (Jica) has committed a $50-million loan to private sector firm BSRM Steels Limited for the construction of an environmentally sustainable steel plant, marking the first instance of Jica’s loans to a private sector manufacturing company in Bangladesh. This investment is a strategic move aimed at rejuvenating Bangladesh’s private sector, as emphasised by Jica in a statement published on its website. Jica signed the loan agreement on 4 October. A ceremony to commemorate the signing was held in Mirsharai of Chattogram on 17 October. The total project cost for the steel plant amounts to $108 million, equivalent to Tk1,188 crore at the current exchange rate, with Jica contributing nearly half of the required funding.

Source: https://www.tbsnews.net/economy/industry/bsrm-steels-gets-game-changing-50m-jica-loan-724130