Bangladesh signs $2.5b ODA deal with Japan
Bangladesh and Japan signed on Wednesday their 40th ODA deal involving US$ 2.5 billion for implementing five projects to bolster ties between the two countries. Economic Relations Division (ERD) Secretary Monowar Ahmed and Japanese Ambassador to Bangladesh Hiroyasu Izumi signed the ODA deal on behalf of their respective sides. Prime Minister Sheikh Hasina and her Japanese counterpart Shinzo Abe witnessed the signing at his office. Five projects, taken under the 40th Official Development Assistance (ODA) package deal, are Matarbari Port Development Project (1), Dhaka Mass Rapid Transit Development Project (Line 1), Foreign Direct Investment Promotion Project (II), Energy Efficiency and Conservation Promotion Financing Project (Phase 2) and Matarbari Ultra Super Critical Coal-Fired Power Project (V).
WB to provide $100.5m for improving DSCC livability
The World Bank (WB) will provide Bangladesh with $100.5 million in credit to help improve livability of four large neighborhoods in Dhaka City, benefitting about a million residents. The WB financing will be available under the Dhaka City Neighbourhood Upgrading Project, which aims to enhance public spaces and urban services in four neighbourhoods—Kamrangir Char, Lalbagh, Sutrapur-Nayabazar-Gulistan, Khilgaon-Mugda-Bashabo—under the Dhaka South City Corporation (DSCC). Additional Economic Relations Division (ERD) Secretary Md. Zahidul Haque and Acting WB Country Director for Bangladesh and Bhutan Zahid Hussain signed the agreement on behalf of their respective sides at ERD in the city.
BSEC sets out primary market reforms
The stock market regulator has moved to implement its reform measures on the primary market as part of its two-stage plan to restore investors’ confidence. On April 29, the Bangladesh Securities and Exchange Commission (BSEC) unveiled the reform measures on both primary and secondary markets, at a meeting with the Dhaka Stock Exchange (DSE), the Chittagong Stock Exchange, the Merchant Bankers’ Association, the DSE Brokers’ Association, and the representatives from asset management companies. The move is aimed at preventing the plunge in stock prices as well as boosting investor confidence.
Summit, JERA Asia team up for $500m energy project
Summit Corporation and JERA Asia recently signed a memorandum of understanding to initiate an energy infrastructure project at Matarbari in Cox’s Bazar involving an investment of more than $500 million. The initial agreement was signed at the New Otani Hotel in Tokyo in presence of Prime Minister Sheikh Hasina, who is now in Japan on an official visit. The project will provide impetus to Bangladesh’s trade by developing various terminals for cargo and primary fuel in Matarbari. The project is expected to be functional within two years of signing an agreement between Summit, JERA Asia and the government of Bangladesh.
CSE revises Shariah Index
The Chittagong Stock Exchange (CSE) has revised its Shariah Index on the basis of performance of the CSE listed companies. The new index will be effective from June 11. The CSE Shariah Index is reviewed twice in a year. The new 17 companies which have been included are: Aramit Cement, Aziz Pipes, Bangladesh Building Systems, BBS Cables, Kay & Que, Navana CNG, Usmania Glass Sheet, Ambee Pharma, Indo-Bangla Pharmaceuticals, Silva Pharmaceuticals, Aman Cotton Fibrous, Kattali Textile, ML Dyeing, Matin Spinning Mills, Pacific Denims, Shasha Denims and VFS Thread Dyeing.
Bank Asia gets new audit committee Chairman
Dilwar H Choudhury has recently been elected Chairman of the audit committee of the Board of Directors of Bank Asia. Mr. Choudhury is a recognised professional banker having 35 years’ work experience in eight different countries of Asia, Europe and Africa.
A change maker in fish farming
Do you remember the TV campaign, Hakim Ali’s fish farm during the 80s which was broadcast on Bangladesh Television (BTV)? He was an inspiration for a lot of fish farmers in the country. During the past two decades there has been a revolution in fish farming in the country. Bangladesh has ranked third in the world in terms of inland fish production in 2018, according to a report by United Nation’s Food and Agriculture Organization (FAO). In FY 2018, Bangladesh earned Tk 4,500 crore by exporting around 69,000 metric tons of fish and fish products. As per the records of Bangladesh Economic Review, fisheries sector contributed 3.57 percent to the national GDP in FY 2018.
UCB gets new AMD
Syed Faridul Islam has recently joined United Commercial Bank (UCB) as Additional Managing Director. Prior to joining the UCB, he was Deputy Managing Director and Chief Risk Officer of Prime Bank. Mr. Islam started his banking career at Grindlays Bank in 1984 and also worked at BRAC Bank and Standard Chartered Bank.
Dhaka Bank inks deal with IPDC Finance
Dhaka Bank has signed an agreement recently for providing online cash management services to IPDC Finance Ltd. Under the agreement, Dhaka Bank Ltd will provide automated fund collection and payment service to the clients. Mentionable that Dhaka Bank as the first local bank has introduced automated fund collection service from other Banks’ accounts.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,126.41|| ↓221.36|| ↓0.87%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 59.09||↑0.28||↑0.48%|
|Crude Oil (Brent)|| $ 69.59||↑0.14||↑0.20%|
|Gold Spot|| $1,278.16|| ↓1.62||↓0.13%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0317|
|GBP 1||BDT 104.9590|
|EUR 1||BDT 92.5697|
|INR 1||BDT 1.1883|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<