BD gets $250m ADB loan for post-pandemic recovery
The Asian Development Bank (ADB) has approved a $250-million policy-based loan to support Bangladesh’s economic recovery following the COVID-19 pandemic. The Board of Directors of the Manila-based lender approved the loan Saturday, the first sub-programme of the programmatic $500 million Sustainable Economic Recovery Program. Now the Economic Relations Division (ERD) of the Ministry of Finance will sign a loan deal with the ADB for confirming its disbursement, officials said on Saturday. The assistance will help Bangladesh to facilitate a rapid and sustainable recovery from the COVID-19 pandemic, generate employment, and expand economic activities for micro-entrepreneurs and small businesses.
Merchant Bay raises $260k for RMG industry
Dhaka-based RMG digitization start up Merchant Bay raised $260 thousand dollars in a pre-seed round to develop specialized business intelligence solutions, smart factory management tools and multi-sided platform services for the RMG industry of Bangladesh. Merchant Bay, a marketplace and software service provider in the apparel sector has raised $260 thousand through angel investment from several serial angel investors in a pre-seed round. Merchant Bay started its journey in 2020 with the dream of digitizing Bangladesh readymade garments industry, linking the supply chain, and making sourcing of global buyers from Bangladesh easy. Today Merchant Bay has more than 1000 suppliers on its platform.Through Digital Trade Week Merchant Bay connected representatives from 40 countries. Merchant Bay was able to connect 1400 suppliers and 300 buyers during the event. Through 75 public and private sessions Merchant Bay provided assistance to buyers and suppliers in various ways during Covid. Such as identifying the needs, helping in sourcing, and various other business-related topics.
BRICS bank membership to open new avenue of foreign financing: PM
Prime Minister Sheikh Hasina has termed Bangladesh’s membership in the New Development Bank as a time-befitting achievement that will open a new avenue of foreign financing. She said it will play a supportive role in achieving the country’s development goals.Bangladesh has joined the New Development Bank (NDB), a multilateral development bank set up by Brazil, Russia, India, China and South Africa (BRICS), as a member state.NDB’s board of governors authorised the bank to conduct formal negotiations with prospective members in late 2020.The NDB was set up by Brazil, Russia, India, China and South Africa to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. The multilateral development bank has an authorised capital of $100 billion, which is open for subscription by members of the United Nations.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||$ 30,248.81||↑609.41||↑2.06 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 73.98||↑0.68||↑0.93%|
|Crude Oil (Brent)||$ 78.09||↑0.84||↑1.09%|
|Gold Spot||$ 1,750.42||↑7.66||↑0.44%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 85.3000|
|GBP 1||BDT 116.2554|
|EUR 1||BDT 99.7157|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<