Faster Project Implementation boosts Access to Finance
Faster implementation of projects is a key to achieving the Sustainable Development Goals [SDGs]. The Asia and the Pacific region is an evolving development story accounting for 60 percent of the human population and 35 percent of global gross domestic product [GDP]. Today the region accounts for over 60 percent of global growth but still has 1.4 billion people living on less than $2 per day. According to an UN estimate, the financing gap to achieve the SDGs is $2.5 trillion to $3 trillion per year in developing countries alone. An estimate shows that achieving the SDGs could open up $12 trillion of market opportunities; create 380 million new jobs; and action on climate change would result in savings of about $26 trillion by 2030. The Government has taken the SDG achievement target seriously and regional, multi-level cooperation are needed to achieve sustainable development in Asia and the Pacific. Bun Chanthy, vice minister of the commerce ministry of Cambodia, highlighted the growth target of the country and said Cambodia was working to be high middle income country in 2030 and high income country by 2050.
ADB maintains robust Growth Outlook for Bangladesh
Bangladesh is expected to grow robustly in 2019 and 2020 riding on domestic consumption and strong remittance earnings, said the Asian Development Bank yesterday as it kept the growth outlook for the country unchanged. In a supplement to its Asian Development Outlook 2019 Update. The ADB now expects gross domestic product [GDP] in the region to expand 5.2 percent in both 2019 and 2020, down from the September forecast of 5.4 percent for this year and 5.5 percent next year. According to the latest outlook, Bangladesh will post 8.1 percent GDP growth in 2019 and 8 percent in 2020, unchanged from its previous outlook published in September. On Tuesday, the Government released the final GDP figure for the last fiscal year. It showed that the economy grew 8.15 percent in 2018-19, the fastest in the Asia-Pacific region. The projection for the current fiscal year is 8.2 percent. The ADB said Bangladesh’s accommodative policy on credit to the private sector is expected to promote investment, and strong remittances, which surged by 20.5 percent in the first four months of the current fiscal year. India’s growth is now seen at a slower 5.1 percent in fiscal year 2019 as the foundering of a major nonbanking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch. Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest. Growth should pick up to 6.5 percent in fiscal year 2020 with supportive policies. In September, the ADB forecast India’s GDP to grow 6.5 percent in 2019 and 7.2 percent in 2020. Growth could accelerate, however, should the United States and China come to an agreement on trade, the report says. In September, the ADB forecast GDP growth of 6.2 percent in 2019 and 6 percent in 2020.
BD Textile, RMG Companies to be introduced with ‘Serai’
Serai, a subsidiary of HSBC Group, vows to be a catalyst for textile and RMG industry of Bangladesh bringing it under digital era riding on trailblazing innovative products. Serai also offered Bangladeshi businesses to help expand trade globally. Textile and RMG segment is the single largest manufacturing industry in the world, employing millions of people. Serai believes there’s huge potential for this industry to benefit from digitisation. The sector is going through intense changes and there’s been a drive for transparency, which makes it the ideal starting point for Serai’s platform and we hope that Serai can be a catalyst for the industry to evolve into the digital era. The B2C world has radically changed thanks to technology. The B2B world unfortunately has been comparatively less impacted and remains too complex. For example, how companies find parties to interact and trade with hasn’t changed since the 1960s. Serai was established as a separate entity in December 2018 and is a registered company in Hong Kong, wholly-owned by HSBC. Serai now has the resources and backing of HSBC, but more importantly, it has the agility and flexibility of a start-up, and we have an incredible opportunity to kind of really change how companies build relationships and transact.
Dhaka Bank, IUB ink Deal
A Signing Ceremony was held between Dhaka Bank Limited and Independent University, Bangladesh which took place recently at IUB Campus in Dhaka. Under this agreement, students of IUB can pay their tuition fees at any Dhaka Bank Branch spread across the country from January 2020. Guardian will not require to fill in any deposit slip for cash payment, and instead they will be receiving system generated payment confirmation slip with necessary details as a confirmation of the payment. The agreement was exchanged between Emranul Huq, Managing Director [Current Charge] of Dhaka Bank Limited and Prof. Dr. Milan Pagon, Vice-Chancellor [Acting] of IUB on behalf of the respective organisations.
WB-aided Smart Plan, $ 500m Dairy, Livestock Development Project launched
The Government and the World Bank [WB] jointly launched a climate smart plan and a project on Wednesday to address the impacts of climate change on farming in the country. Agriculture Minister Dr Md. Abdur Razzaque and State Minister for Fisheries and Livestock Md. Ashraf Ali Khan Khasru unveiled the report of the Climate Smart Agriculture Investment Plan [CSAIP] and inaugurated the US $ 500 million Livestock and Dairy Development Project [LDDP] at a function at Krishibid Institution of Bangladesh in the city. The WB and the agriculture and fisheries and livestock ministries jointly organised the event. Population of Bangladesh will be 186 million by 2030 and 202 million by 2050 while urbanisation will take place at a growth of 3.5 per cent year-on-year basis during the period. The LDDP project worth US $ 500 million will help substantially and sustainably increase livestock production to feed the growing population. The CSAIP [2016-21] report, jointly prepared by the World Bank and the Government of Bangladesh, has identified five key investment areas totaling about $809 million to set the agriculture sector on a resilient growth path. The CSAIP report said Bangladesh’s agriculture sector is under threat from climate change impact as sea level rise might reduce available crop lands by 24 per cent in the coastal regions during growing seasons. The farm sector is projected to stagnate and key national production target by 2040 are likely to be missed unless action is taken
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
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|FTSE100||7,216.25||↑ 2.49||↑ 0.03%|
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World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 58.86 ||↑ 0.10||↑ 0.17%|
|Crude Oil (Brent)||$ 63.98||↑ 0.26||↑ 0.41%|
|Gold Spot||$ 1,475.49||↑ 0.61||↑ 0.04%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.2678|
|GBP 1||BDT 109.566|
|EUR 1||BDT 92.3973|
|INR 1||BDT 1.17576|
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