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Dev Partners

Offshore Taka bond program, IFC to strength capital markets

IFC, a member of the World Bank Group, announced on October 11 that it has received an approval from Bangladesh’s Ministry of Finance for the first ever offshore Taka bond program. The $1 billion-equivalent bond program aims to strengthen capital markets and increase foreign investment in Bangladesh. Under the program, IFC will issue the first Taka-linked bonds in the offshore market and bring IFCthe proceeds back to finance investment in Bangladesh. The bonds will be listed on the London Stock Exchange, according to IFC. “Domestic capital markets are critica...

ADB to lend $ 45m for water resource project

The Asian Development Bank (ADB) is part-funding expansion of a water resources project in southwest Bangladesh that has sharply increased agriculture production and benefited nearly 200,000 people, it said on Tuesday.
ADB is providing a $45 million loan and the government of the Netherlands is expected to give a grant of $7 million. Both provided initial funding for the scheme, which was approved in 2005. [caption id="attachment_20187" align="alignleft" width="540"]A farmer carries a stack of jute to be dried in Manikga...
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ADB to help finance India-Bangladesh power link

The Asian Development Bank (ADB) is to help finance a project to increase transmission capacity of an India-Bangladesh power link to allow Bangladesh to better meet sharply rising power demand. ADB’s $120 million loan to Bangladesh will double the capacity of the existing interconnector which links the power grid of western Bangladesh at Bheramara and the grid of eastern India at Bharampur. adb1The two networks were first interconnected in 2013, under a previous project financed by ADB. New transmission capacity will rise from 500 megawatts (MW) to 1,000 MW,...

WB pledges strong support for BD’s development

World Bank (WB) Vice President for the South Asia Region, Annette Dixon, has pledged strong support for the development of Bangladesh. Dixon praised Monday Bangladesh’s progress in poverty reduction and economic development during her second visit to the country in her current role, Xinghua reported. “The World Bank will continue to support Bangladesh in areas necessary to move up within middle income country status. Bangladesh will need sustained reform efforts for further wbadvancement,” said Dixon. The World Bank classified Bangladesh as a lower-middle cou...

ADB forecasts 6.7pc GDP growth

Bangladesh economy is expected to perform strongly this year, according to the latest figures from the Asian Development Bank (ADB). ADB in its outlook update 2015 forecasted that Bangladesh’s Gross Domestic Product (GDP) growth will be 6.7 percent this fiscal year, up from 6.5 percent in the previous year. adb1“Brisk domestic demand, supported by remittances, public investment and manufacturing for domestic market pulled the economic growth in FY2015,” Kazuhiko Higuchi, country director of ADB, said at a media briefing at the Bank’s Dhaka office today. T...

IMF plans to empower emerging markets: report

The International Monetary Fund (IMF) is looking at a compromise deal on governance reforms by increasing the quota for emerging economies as an interim measure before a deadline for US action expires, sources quoting key officials at the IMF said. Under the compromise deal, the quotas of emerging economies will increase without any reduction in the US quota as proposed in 2010 and reaffirmed during the 2013 Spring Meeting of the IMF and the World Bank in Washington 0n 18 April 2013. IMFThe plan to double IMF’s resources and boost the voting rights of emergin...