The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with Bangladesh totaling about KD 10 million (USD 34.2 million) for carrying out road projects in northern Dhaka. The KFAED said in a news statement here on Monday that the deal was inked in Dhaka, the capital of Bangladesh, by KFAED’s Deputy Director-General Hamad Al-Omar and Bangladesh’s representative Mohammad Mesbah El-Din. The projects aim to support social and economic development in Dhaka by decreasing traffic congesti...

The capital base of the country’s banking sector increased significantly in the final quarter of the calendar year 2014 despite shortfalls witnessed by six banks, mostly state-run ones. The total eligible capital, generally known as actual capital of the country’s banking sector, rose by more than 10 per cent to Tk 717.54 billion (Tk 71754 crore) during the October-December period of the last calendar year from Tk 649.33 billion in the previous quarter, according to the Bangladesh Bank (BB) statistics, reports the Financial Express (FE). “The capital base of ban...

In the first 13 days of the current month of February, Bangladesh received $597.90 million in remittance. The four state-owned commercial banks — Agrani, Janata, Rupali and Sonali — received $196.59 million from the expatriate Bangladeshis while four state-owned specialised banks got $8.92 million, statistics from Bangladesh Bank showed. The highest remittance came through the private commercial banks who received $385.62 million while the nine foreign banks acquired only $6.77 million. Among the private commercial banks, I...

After wielding intense pressure against a Bangladeshi apparel maker over assaults on union leaders outside its factories, Western companies have agreed to resume business with that manufacturer, on the condition that it stay committed to halting further violence and make peace with its labor unions. VF, which makes North Face and Nautica, and PVH, the parent of Calvin Klein and Tommy Hilfiger, as well as Gap, El Corte Ingles and other companies, had cut off or threatened to cut off orders from the...

Bangladesh Bank Governor Dr. Atiur Rahman has strongly advocated more lending to small and medium enterprises (SMEs) by commercial banks for promoting inclusive growth, reports BSS. The governor said the Basel Rules imposing higher capital charges on bank lending to SMEs are viewed as riskier than larger corporates, and to some extent as a disincentive for commercial banks. However, he noted that the substantially higher interest the banks earn on SME loans is well enough to cover the marginally higher capital charge related costs. ...