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Economy

NRB banks channel diaspora investment to Bangladesh

When Iqbal Ahmed set out to launch Bangladesh’s first-ever bank with the specific mission of tapping into diaspora funds, his biggest challenge seemed obvious: to convince other non-resident Bangladeshis that their country of origin was an attractive investment destination. [caption id="attachment_20037" align="alignright" width="650"]wsj Bangladesh’s government hopes non-residents’ banks will channel funds into infrastructure projects. Bloomberg News[/caption] Returning to invest in Bangladesh—a country that Henry Kissinger once called a basket case — seemed unthinkab...

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...

BB to mobilise $ 7bn for infrastructure

Bangladesh Bank plans to mobilise up to $7.0 billion to develop the country’s infrastructure and boost economic growth, its governor said on Sunday. The bank would help reach that sum by establishing a sovereign wealth fund, issuing bonds and selling dollars from its reserves to designated banks and financial institutions, Governor Atiur Rahman told Reuters. “It is possible to mobilise the fund for development of the infrastructure to accelerate economic growth to 8 percent from the present 6.5 percent, aiming to becoming a middle-bbincome country by 2021,” he...

Govt wants to invest $ 8b in infrastructure

Government wants to invest $8 billion over the next few years in infrastructure to improve the economy and sought help from private sector to share the cost which the government could not bear alone. S A Samad, the executive chairman of the state run Board of Investment (BOI) highlighted the figure while meeting with business leaders from bilateral foreign chambers of commerce in Bangladesh. [caption id="attachment_19869" align="alignright" width="644"]s1.reutersmedia.net Bangladeshi children play on concrete pipes beside a road in Dha...

Entrepreneurs keep economic wheel rolling on: Com Secy

Mr. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce appreciated the contribution of the entrepreneurs to keep country’s economic wheel rolling on, which he mentioned very important to achieve our national objective of transforming Bangladesh into a developed country by 2041. He said, since its inception IBFB has been playing a vital role in the development of business community and economy of the country. [caption id="attachment_19783" align="alignright" width="540"]ibfb Mr. David Meale, Chargé d'affaires, Dhaka U.S. Embassy addressing the inaugurati...
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