United News of Bangladesh

International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Meghna Re-Rolling & Steel Mills Limited, a sister concern of Meghna Group of Industries to establish Bangladesh’s first climate-smart steel plant. According to IFC, this state-of-the-art facility will produce 1.5 million metric tons of steel annually—which represents around 20 percent of Bangladesh’s current annual demand—using 100 percent recycled scrap. IFC to partner with MGI to set up country's first climate-smart steel plant Supported by a financing package of $100 million, this transformative project is set to deliver significant economic, environmental, and social benefits, said a press release. By leveraging advanced technology, it will reduce carbon emissions compared to traditional steel production, while creating over 20,000 direct and indirect jobs across the value chain, driving growth and sustainability. “Bangladesh’s steel industry is critical for building infrastructure that drives sustainable growth,” said Martin Holtmann, IFC’s Country Manager for Bangladesh, Bhutan and Nepal. “This project represents a major leap forward, not only in climate-smart manufacturing but also in job creation and industrial advancement. We are excited to contribute to the transformation of Bangladesh’s industrial landscape, supporting the nation’s journey towards a greener, more resilient future,” he added. Government seeks World Bank, IFC support for ongoing, future programmes: Finance Adviser This project marks a major milestone for Bangladesh’s steel industry, aligning with the Paris Agreement and meeting the criteria for 100 percent climate finance under global climate tracking principles. Additionally, IFC and MRSL are collaborating to develop a comprehensive decarbonization roadmap, setting a new benchmark for sustainability in the country’s industrial sector. Chairman and Managing Director of MGI Mostafa Kamal said “We are thrilled to partner with IFC on this groundbreaking project that will reshape the future of Bangladesh’s steel industry. This investment not only strengthens our capacity to produce high-quality, climate-smart steel but also represents a significant milestone for our country’s economic and industrial growth.” IFC partners with EPIC Group to support sustainable textile manufacturing in Bangladesh, India The investment also aligns with the World Bank Group’s vision for Green, Resilient, and Inclusive Development (GRID), promoting climate-smart infrastructure, economic diversification, and industrial competitiveness. IFC is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries.

The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Meghna Re-Rolling & Steel Mills Limited (MRSL), a sister concern of Meghna Group of Industries (MGI) to establish Bangladesh’s first climate-smart steel plant. This state-of-the-art facility will produce 1.5 million metric tons of steel annually—which represents around 20% of Bangladesh’s current annual demand—using 100% recycled scrap, supporting the country’s economic growth while tackling climate challenges, according to a press release on Monday. Supported by a financing package of $100 million, this transformative project is set to deliver significant economic, environmental, and social benefits, said the release. By leveraging advanced technology, it will reduce carbon emissions compared to traditional steel production, while creating over 20,000 direct and indirect jobs across the value chain, driving growth and sustainability. Stock markets return to positive territory as economy is getting sustainability: Analysts IFC’s Country Manager for Bangladesh, Bhutan and Nepal Martin Holtmann said that Bangladesh’s steel industry is critical for building infrastructure that drives sustainable growth. “This project represents a major leap forward, not only in climate-smart manufacturing but also in job creation and industrial advancement. We are excited to contribute to the transformation of Bangladesh’s industrial landscape, supporting the nation’s journey towards a greener, more resilient future.” This project marks a major milestone for Bangladesh’s steel industry, aligning with the Paris Agreement and meeting the criteria for 100% climate finance under global climate tracking principles. Additionally, IFC and MRSL are collaborating to develop a comprehensive decarbonization roadmap, setting a new benchmark for sustainability in the country’s industrial sector. World Bank approves $1.16 billion for Bangladesh The Chairman and Managing Director of MGI Mostafa Kamal said this investment not only strengthens their capacity to produce high-quality, climate-smart steel but also represents a significant milestone for country’s economic and industrial growth. The investment also aligns with the World Bank Group’s vision for Green, Resilient, and Inclusive Development (GRID), promoting climate-smart infrastructure, economic diversification, and industrial competitiveness.

The International Fund for Agricultural Development (IFAD) on Wednesday issued its first sustainable development bond with Folksam, a leading insurance and pension fund in Sweden investing in a US$100 million bond. The entry to capital markets sets the stage for IFAD’s increased investment in food security, rural development and economic growth at a time when the war in Ukraine is pushing global food, fertilizer and energy prices to record levels, putting millions more rural people already reeling from the COVID-19 pandemic at risk of falling into hunger and poverty. IFAD is the first United Nations Fund and the only UN body and specialized agency other than the World Bank Group to enter capital markets, following the completion of its credit rating process in 2021 which resulted in a AA+ rating from both Standard & Poor’s and Fitch, said a media release received from Rome. “This inaugural transaction is a key milestone for IFAD and an opportunity to significantly step up its financing to build the resilience of rural populations,” said Katherine Meighan, IFAD’s General Counsel and acting Chief Financial Officer. Read: Bangladesh a star of growth, says IFAD urging continued focus on rural areas “We urgently need to scale-up investments to ensure that rural populations who produce one third of the world’s food can continue to feed communities and offer a decent future to their children.” Small-scale farmers are vulnerable to many shocks in particular climate change impacts, with yields affected by extreme weather events, higher temperatures and changing weather patterns. Currently one in ten people globally do not have enough to eat, while hunger has been on the rise for the last five years reaching more than 800 million people in 2020. “The proceeds of IFAD’s first bond issuance will augment IFAD’s capacity to help small-scale farmers adapt to climate change,  access supply chains and markets, and produce more diverse foods, thus stimulating rural economies and directly contributing to many Sustainable Development Goals, in particular ending hunger and poverty,” said Natalia Toschi, Head of Funding at IFAD’s Financial Operations Department.  “The need for investment in agriculture is great. The war in Ukraine has, in addition to the suffering of the Ukrainian people, meant record high prices for energy, food and fertilizers. In addition, there is climate change, which is already affecting farmers in many parts of the world. There is therefore an imminent risk of a famine in the world's poorer countries,” said Ylva Wessén, President and CEO of Folksam. Read: FS seeks SG’s role in transforming SAARC a meaningful regional org Christopher Flensborg, Head of Climate and Sustainable Finance at SEB, which arranged the bond transaction said they are very happy to welcome IFAD to the bond market. “Their mandate has never been more important and it is a privilege to assist IFAD to broaden the knowledge around food challenges, solutions and security. To enable private capital to support their effort is essential and we are pleased to see that the Folksam Group takes the lead in this effort and are looking forward to bring additional food and agriculture related finance to the market.” In recent years, IFAD has been exploring new funding models to empower vulnerable rural populations, meet the changing needs of developing countries which borrow from IFAD and reach its objective of doubling its impact on reducing poverty and hunger by 2030. Read: It's a priority for IFAD to invest in Bangladesh, says its regional director

The government has appointed three Bangladeshis to the prestigious Panels for Arbitrators and Conciliators of the World Bank's International Centre for Settlement of Investment Disputes (ICSID). According to a statement, former Chief Justice MD Tafazzul Islam has been appointed in the Panel of Conciliators, while Professor of International Law at Dhaka University Dr Rumana Islam and Barrister Moin Ghani, who has represented Bangladesh in a number of ICSID cases, have been appointed in the Panel of Arbitrators. Read $30m IFC loan to help Bangladesh cos stay afloat amid Covid It also stated that they are appointed for a period of six years extending through 26 April 2027. However, ICSID is an international arbitration institution for the resolution of disputes between foreign investors and States. It is part of the World Bank Group.  The ICSID maintains Panels for Arbitrators and Conciliators that may be used by the parties to a dispute, or in cases where the opposing parties are unable to agree on a nominee. Read Govt, WB ink $250 mn deal to help Bangladesh create more jobs The Panel of Arbitrators may also be used for appointment to ad hoc committees. However, Bangladesh has been a Member State to the ICSID Convention since 26 April 1980. The procedural framework for arbitration and conciliation is provided by the ICSID Convention and the ICSID Additional Facility, and is further supplemented by detailed Rules and Regulations. The ICSID Arbitrators and Conciliators exercise their duties in accordance with those rules, with administrative support from the ICSID Secretariat. Read Bangladesh inks over $1 b deal with World Bank for responding to COVID-19 pandemic The members of the Panels serve for a term of six years, which can be renewed, as provided in Article 15(1) of the ICSID Convention.

Just 1 in 20 of the women , who currently make up 18 percent of directors on the boards of listed companies in Bangladesh, are independent directors .

An estimated 1 in 6 children – or 356 million globally – lived in extreme poverty before the pandemic, and this is set to worsen significantly, according to a new World Bank Group-Unicef analysis released on Tuesday.

The disruption to child and maternal health services can put the lives of children at stake, threatening to undo 30 years of ‘remarkable progress’ in reducing deaths of children under the age of five, according to UN agencies.

International Monetary and Financial Committee Chair Lesetja Kganyago and International Monetary Fund Managing Director Kristalina Georgieva on Friday saying IMF stands ready to use its US$1 trillion financial capacity to support its member countries.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva and President of World Bank Group David R. Malpass on Monday said they stand ready to help member countries address the human tragedy and economic challenge posed by the COVID-19 virus. 

International Finance Corporation (IFC), a member of the World Bank Group, has developed Partnership for Cleaner Textile (PaCT) web portal to calculate the resource consumption in the country’s readymade garments industry.