The Asian Development Bank (ADB) has expanded the Trade Finance Program (TFP) to support private sector in Bangladesh by raising its financing limit to $755 million from $518 million at the end of last year.
The TFP works with 12 partner banks in Bangladesh to mobilize private sector capital and fill market gaps by providing guarantees and loans to support trade, according to a press release.
“Given the impact of COVID-19 on the economy, particularly availability of credit for private sector in Bangladesh, enhancement of the TFP will increase liquidity, help boost businesses, raise exports and imports, increase jobs, and contribute to economic growth and development,” ADB Country Director Manmohan Parkash said.
Noting Bangladesh is one of the most active TFP countries, he said that the program has so far supported $814.6 million in trade, with 70.7 percent co-financing by the private sector, over 1,367 transactions, as of 31 December 2019.
“As trade transactions typically start and end within 180 days, the $755 million can roll and support over $1 billion in Bangladesh trade year over year," he said.
Manmohan Parkash mentioned that a substantial portion of TFP’s portfolio supports small and medium-sized enterprises (SMEs) and the expanded coverage of the very active program will result in enhanced inclusive support to traders, including women, in Bangladesh.
The TFP works with over 240 banks in 21 countries to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets.
In 2019, the TFP supported 4,832 transactions worth a total of $5.4 billion, including $3.5 billion in co-financing, and helped 4,069 small and medium-sized enterprises.
Backed by ADB's AAA credit rating, TFP supports trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities.
Since 2009, ADB’s TFP has supported around 20,000 SMEs across developing Asia—through over 26,000 transactions valued at over $41 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
TFP complements its financial support with knowledge products, including a study that quantifies market gaps for trade finance, initiatives to increase the role of women in banking, efforts to enhance environmental safeguards, and initiatives to fight crime through greater transparency in the global financial system.
TFP also provides workshops and seminars to increase knowledge and expertise in matters related to finance, trade, risk management, and fraud prevention.
The TFP increases its partner banks’ credit lines, expands relationships with correspondent banks, reduces cash collateral requirements, enhances ability to maintain or attract new clients, provides low-risk access to new and challenging markets, expands geographic coverage to service export clients, provides capital relief under Basel, and offers valuable market intelligence to help banks move into frontier markets.
Huawei has launched its next-generation IdeaHub series intelligent endpoint for all-scenario smart office ecosystem on Friday.
The tool was launched aiming to improve efficiency for enterprises, especially remote collaboration during social distancing, said a press release.
Huawei IdeaHub is a brand-new productivity tool to create an all-scenario smart office in the cloud era.
This intelligent endpoint integrates multiple functions, including multi-screen collaboration between mobiles and PCs, interactive whiteboard, remote collaboration, FHD video conferencing, and built-in HD AppGallery.
It can be installed on a mobile stand or a wall in a variety of environments, including enterprise conference rooms, open office, and even home office rooms. Its excellent performance and flexible deployment provide an intelligent office and team collaboration for every working space.
A meeting of the Board of Directors of Islami Bank Bangladesh Limited (IBBL) was held through video conference on Sunday.
The meeting was presided over by Professor Md Nazmul Hassan, PhD, Chairman of the bank.
Yousif Abdullah Al-Rajhi and Md Shahabuddin, Vice Chairmen, Dr Arif Suleman, foreign director and representative of Islamic Development Bank, other Directors, Md Mahbub ul Alam, Managing Director and CEO and JQM Habibullah, FCS, Deputy Managing Director and Company Secretary of the bank also attended the meeting.
RFL Gas Stove has donated Tk 200,000 to Child and Old Age Care as part of its “Khuda Na, Chula Joluk” campaign.
Md Nazmul Haque, senior brand manager of RFL Gas Stove, handed over the cheque to Milton Samadder, founder of Child and Old Age Care, at the latter’s Kallyanpur office recently.
RFL Gas Stove introduced the campaign in February to help people living at old age homes. Through the campaign, the brand is donating Tk 10 for the selling each of its gas stove for the welfare of the elderly people at old age homes.
Nazmul Haque said: “We've introduced the campaign to put a smile on the faces of people living at old age home. As part of it, we have donated Tk 2 lakh to Child and Old Age Care.”
Milton, founder of Child and Old Age Care, thanked RFL Gas Stove for coming forward to help the helpless old people.
NOVOAIR, a private airline of the country, is celebrating Eid-ul-Fitr with 2,000 distressed people at its office premises in Uttara in the capital.
On the occasion of Eid, NOVOAIR distributed food among these people, said a press release.
Officials of NOVOAIR were present on this occasion.
From the point of social responsibility, NOVOAIR organised the programme during the coronavirus pandemic, the press release said.
Earlier on May 18, the private airline company offered free air tickets for the doctors and healthcare professionals who are involved with the treatment of coronavirus infected patients.
More details will be available at www.novoair.com or people can contact for details at 13603.