BD, ADB sign $400m loan deal to develop Elenga-Rangpur highway

The government of Bangladesh and the Asian Development Bank (ADB) on Sunday signed a US$ 400 million loan agreement as part of $ 1.2 billion ADB loan commitment to develop a regional corridor in northwestern zone of the country. The assistance is the second tranche of the ADB’s commitment to construct 190-kilometre Elenga-Hatikamrul-Rangpur highway under South Asia Sub-regional Economic Cooperation (SASEC)-II. According to the Roads and Highways Department, the executing agency of the Tk 118.99 billion project, the ADB released $ 300 million earlier in the first tranche while rest $ 500 million is expected to be released in next two instalments. This project is a continuation of the 70-kilometre Joydevpur-Elenga section road development project also funded by ADB since 2012. The feasibility study and detailed design work of Elenga-Hatikamrul-Rangpur highway were done in 2015 and the progress has so far recorded at 15 per cent. ADB has been supporting Bangladesh in improving the Dhaka-Northwest road corridor since approval of the landmark Jamuna Bridge Project in 1994. Road travel accounts for 70 per cent of all passenger traffic and 60 per cent of freight in Bangladesh with a rate of 8 per cent annual traffic increase. Since 2001, SASEC members signed and implemented 55 ADB-financed projects with a regional dimension worth more than $12.5 billion, including 36 projects worth $10.23 billion in transport sector.

Source: https://today.thefinancialexpress.com.bd/trade-market/bd-adb-sign-400m-loan-deal-to-develop-elenga-rangpur-highway-1584286823

Joules Power to install 3.1MWp rooftop solar unit

Country’s largest solar power producer Joules Power Ltd on Sunday signed a deal to install facilities for generating 3.1-MWp (Mega Watt peak) rooftop solar electricity. The electricity will be generated on 32,886 square metres of rooftop area of several buildings of Robintex Group at Rupganj in Narayanganj district. The project will be implemented within nine months under the ‘Opex model’ – where the builder will invest some US$ 1.7 million. Joules Power managing director Nuher Latif Khan and Robintex director Robin Razon Sakhawat signed the deal on behalf of their respective companies in the capital, says a press release. Officials at Joules Power Ltd said they have a target to produce some 30 megawatt of rooftop solar power by 2021 and “be a market leader”. In September 2018, Joules Power’s 20-megawatt solar power plant started commercial operation in Teknaf.

Source: https://today.thefinancialexpress.com.bd/trade-market/joules-power-to-install-31mwp-rooftop-solar-unit-1584287356

Dhaka stocks crash to its lowest in five years

Dhaka stocks plunged to its five-year low yesterday amid coronavirus-induced sell-off as fears grew that the fast-spreading disease would hurt both global and local economies and the earnings of listed companies. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 160.64 points, or 3.88 per cent, to close the day at 3,969.31 — the lowest since May 4, 2015, when the market ended at 3,959.73. With the slide, the index slipped below the 4,000-mark for the first time in five years. On March 9, DSEX plunged 279.32 points. The value of the stocks shed 7.95 per cent to Tk 311,113 crore in a span of 11 trading days this month. Turnover, another important indicator of the market, dropped 8.7 per cent to Tk 396.9 crore yesterday. On February 10, the central bank announced a package for banks, allowing them to set up funds worth Tk 200 crore each on the back of the financial support. The lenders will take the fund from the central bank through repurchase agreements against treasury bills and bonds owned by them. The banks will have to pay 5 per cent interest for the fund and the credit tenure will be until February 2025.

Source: https://www.thedailystar.net/business/news/dhaka-stocks-crash-its-lowest-five-years-1881439