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Foreign investment proposals almost halved due to blockade

Looming uncertainty in the political arena and its ultimate consequences through continuous violence on the streets for the last couple of months have restrained foreign entrepreneurs from making fresh investments in Bangladesh. The number of proposals for fresh investments by foreign entrepreneurs has halved within a month, according to sources, reports the Independent. The Board of Investment (BoI) received only seven proposals in October against 15 in September this year. The amount of proposed investment against those projects also declined drastically. The foreign companies proposed to invest only $20 million in October against a commitment of $1,915 million in September. The number of local investment proposals also de...

Guidelines for agent banking issued for more financial inclusion

Bangladesh Bank (BB) has issued guidelines on agent banking seeking applications from the commercial banks to start such banking business in the country. The commercial banks will now be allowed to introduce agent banking for strengthening their ongoing financial inclusion programme through bringing un-banked people into the banking channel, reports the Financial Express (FE). “We’ve introduced the guidelines aiming to provide regulatory framework for the agent banking which will create an enabling environment for offering safe financial services to the new target group,” BB Executive Director Das Gupta Asim Kumar told the FE. He said people, who are living in remote and hilly areas, would avail banking services including...

Foreign venture optimistic to participate in BD telco market

Bangladesh has discovered a way to grow its telecom sector in spite of some odds. The nation of more than 150 million people, with its comparatively low GDP per capita, has been involved in the creation of a very competitive mobile telco market. Most noticeable has been the willingness of Bangladesh to encourage foreign participation in these endeavours. Bangladesh though remains one of the poorest, most densely populated, least developed countries in the world; yet it has somehow managed to show considerable spirit in the development of its telecom sector. BD Telcom

India gives Bangladesh only $ 115.3m of promised LoC

India has given only $ 115.31 million to Bangladesh from its promised $ 800 million line of credit (LoC) till November three years after the loan commitment, officials said Saturday. Dhaka signed a $1.0 billion credit deal with New Delhi in August 2010 for utilising the money to upgrade the country’s infrastructure especially to facilitate cross-border transport movement between the two countries, reports the Financial Express (FE). “The project implementation delay due to hard terms imposed by the Indian government has affected fund disbursement,” said a senior Ministry of Finance (MoF) official.

US firm to raise $ 1b for Bangladesh RMG factories

A New York (NY) based investment firm namely Tau Investment Management Inc., has announced the commitment to raise $ 1 billion help for Bangladesh and other garment-manufacturing nations in order to construct factories with better safety and protection of workers. According to a statement issued by Tau Investment Management Inc., the NY firm announced its commitment at the 9th Annual Clinton Global Initiative (CGI) Meeting in September 2013, a four-day annual meeting, organized by former US President Bill Clinton’s foundation, that brings together sitting heads of state, business leaders, non-profit organizations and celebrities from around the globe to discuss the world’s most pressing problems. Oliver Niedermaier, founder ...

Over alert in commercial banks hampers credit flow to pvt sector

The much needed credit flow for the private sector is very low and depressing due to  over cautious steps taken by the commercial banks, said ICCB President Mahbubur Rahman while inaugurating the ICC workshop on ‘Credit Risk Management & Trade Finance’ organized by International Chamber of Commerce (ICC) - Bangladesh, the world business organization at a local hotel in the city on Saturday (07-12-2013). ICCB President said, a number of state-owned and private commercial banks are faced with huge loan default due to fraudulence practices by some officials of few commercial banks (both public and private) in connivance with some ill-motivated unscrupulous clients. ‘More than Tk.4,000 crore have been siphoned out from two s...
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