The Investment Corporation of Bangladesh (ICB) has received approval from Bangladesh Bank for a Tk 3,000 crore loan at a reduced interest rate of 4%, down from the initial 10%. Two-thirds of the loan will be utilised for repaying the corporation's existing debts, while the remaining amount will be invested in the capital market, said ICB Chairman Abu Ahmed confirming the information on Tuesday. Earlier, on November 13, the government provided a sovereign guarantee to facilitate the loan. Based on this guarantee, Bangladesh Bank issued a formal letter to ICB on November 27, sanctioning the Tk 3,000-crore loan at a 10% interest rate with a tenure of 18 months. Read: ICB Asset Management AGM approves 110% dividend ICB later informed Bangladesh Bank that the 10% interest rate was unsustainable for the institution and requested a reduction to 4%. Following the proposal, the central bank approved the loan at the revised interest rate. The financial support aims to strengthen ICB’s capacity to meet its obligations while bolstering investments in the capital market, aligning with broader economic stability goals, Abu Ahmed said.

The Bangabandhu 47th National Chess Championship 2022, organised by Bangladesh Chess Federation under the financial support of Abul Khair Group, begins on Thursday (December 15) from 3 pm at the Bangladesh Chess Federation Hall-Room here. The number drawing ceremony and technical meeting of the meet will be held on Wednesday. A total 14 players are taking part in this year's Bangabandhu 47th National Chess Championship-2022 on round robin league system.  Four of them ---reigning national chess champion GM Enamul Hossain Razib, runner-up GM Ziaur Rahman, GM Niaz Murshed and GM Reefat Bin Sattar are directly playing in the meet.  Read more: Sheikh Kamal National 'B' Chess begins Thursday Ten other players, who qualified from Sheikh Kamal National 'B' Chess Championship 2022, are: FM Subrota Biswas, IM Mohammad Fahad Rahman, FM Tahsin Tajwar Zia, CM Manon Reja Neer, FM Mehdi Hasan Parag, FM Khandaker Aminul Islam, Anata Choudhury, Hrishin Talukder, IM Mohammad Minhaz Uddin and CM Md Shawket Bin Osman Shaon. 

Developed countries must provide bold financial support for the countries of the Global South as custodians of the world's natural wealth, UN Secretary-General Antonio Guterres said here on Tuesday. Addressing a ceremonial opening of the 15th meeting of the Conference of the Parties (COP15) to the UN Convention on Biological Diversity, Guterres said that international financial institutions and multilateral development banks must align their portfolios with the conservation and sustainable use of biodiversity. "We cannot expect developing countries to shoulder the burden alone," he said. Read: Peace is the only practical way to a better, fairer world for all: UN Chief The secretary-general also called for the implementation of national plans that would divert subsidies and tax breaks away from activities that can destroy nature, as well as the recognition and protection of the rights of indigenous peoples and local communities. He argued that the private sector should recognize that profit and protection go hand-in-hand. "It is up to us to accept responsibility for the damage we have caused, and take action to fix it. The deluded dreams of billionaires aside, there is no Planet B," said the secretary-general.

To help sustain and create jobs, improve services for people and protect small and medium sized enterprises, IFC committed about $2 billion in the South Asian region in the past fiscal year, ending June 2022, with a key focus on helping countries recover from the impacts of COVID-19. The release of the figures comes as Ruth Horowitz assumes the role of IFC’s Regional Vice President for Asia and the Pacific – covering both South and East Asia as well as the Pacific – taking over from Alfonso Garcia Mora, who is now IFC’s Regional Vice President for Europe, Latin America and the Caribbean.  “I am very excited to join the region and to work closely with its fantastic staff, clients and stakeholders, and look forward to building on the region’s strong history of impactful private sector engagements”, said Ruth Horowitz, IFC’s Vice President for Asia and the Pacific, on Monday. Horowitz is a global investment professional with over 30 years of experience. Most recently, she served as the Vice President of IFC’s Equity Mobilization Division – IFC Asset Management Company (AMC), which has raised over $10 billion from investors across 13 funds. Prior to joining IFC as the Chief Operating Officer and Director of AMC, Horowitz worked for Lehman Brothers. With the impacts of the COVID-19 pandemic continuing to linger, IFC again stepped up with crucial financial support aimed at helping the region rebuild. Read: IFC blames flood disaster on unplanned development Bangladesh and India’s Meghalaya, Assam IFC delivered $237 million in FY22 in long-term finance in COVID-response deals on top of its short-term finance to help local exporters and importers, including contributing to increased food and commodities trade. Overall, from FY20 to FY22, IFC has committed over $1 billion as part of its COVID-19 response in the region.    “With about $2 billion committed in the South Asia region in the past year, IFC’s work has enabled the private sector to deliver solutions to help people and businesses weather multiple challenges,” said IFC’s Regional Director for South Asia, Hector Gomez Ang. “The innovation and expertise of the private sector is needed now more than ever as countries build the pathways to a resilient, sustainable future.” As with other regions, South Asia remains vulnerable to the impacts of a warming planet, conflict and geopolitical tensions, and rising global inflation.  As Vice President for Asia and the Pacific, Horowitz signaled that helping countries achieve their climate goals, while meeting needs for renewable energy and sustainable infrastructure will be among key priorities going forward. "Already soaring food, energy, and fertilizer prices, exacerbated by both the war in Ukraine and erratic weather events are threatening to reverse decades of development gains, making the task ahead even more urgent," said Horowitz.   “However, the right mix of private sector innovation, public sector policy, and availability of financing can not only boost South Asia’s resilience to future shocks but also help transform the region for the better.” “The threat the region faces in terms of the climate crisis is profound but there are also immense opportunities, underscored by the trillions of dollars in capital that’s waiting to be deployed in green investments. IFC is uniquely placed to work with the private sector to identify solutions that not only help decarbonize economies but also meet the pressing development challenges facing this region. I look forward to strengthening and developing new partnerships in taking on this exciting role across the Asia Pacific region.” END/UNB/MK/FH/1039 Hrs

State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that his ministry will provide financial support to promote research and creative works in the energy and power sector. “We will provide financial support from Bangladesh Energy and Power Research Council to any creative and research works by the new generation in the power and energy sector”, he said while addressing the economic award giving ceremony at Independent University, Bangladesh (IUB) in the city. A total of 788 students of the university received the academic awards for Spring Semester while 423 for Summer Semester and 572 for Autumn Semester in the function. Appreciating the IUB move, the state minister said incentives and encouragement should be continued for good works of the new generation. Also read: Planning to generate 40 percent electricity from renewable sources by 2050: Nasrul Hamid He said reaching electricity to the grassroots level has resulted in expansion of economic activities. Nasrul Hamid mentioned that a resolution was accepted by the United Nations to upgrade Bangladesh to the developing country’s category from the least developed countries (LDCs). Now the young generation has to work to implement the vision to become a developed nation by 2041, he said. Read: Clean energy to be imported from neighbouring countries: Nasrul He urged the young people to get mentally prepared to match them with the developed world. He also focused on the potentials of renewable energy in the country and advised the IUB authority to set up a rooftop solar power system on the roof of the university buildings with the help of Sustainable and Renewable Energy Development Authority (Sreda).

Prime Minister's Private Industry and Investment Affairs Adviser Salman F Rahman on Tuesday said like Accord and Alliance in the RMG sector, a body would be formed for the domestic industries to ensure that they strictly follow compliance standards while the government would extend long-term financing and loans for becoming compliant. He also said that the factories of those industries which fail to be complaint would not be able to sell their products in the domestic market in future. Salman said these at a webinar tilted ‘Reviving the Leather Sector in the Aftermath of COVID-19’ as the chief guest jointly organized by the Economic Reporters’ Forum (ERF), Research Policy Integration for Development (RAPID) and The Asia Foundation (TAF) held through Zoom platform. Speakers at the webinar stressed the need for ensuring compliance in the local industries, especially in the leather sector, to become more competitive. They also stressed the need for forming a task force to look at the recommendations from different stakeholders and work on the betterment of the leather sector as well as improving rawhide management in an integrated way. They also advocated for modernizing and making more functional the Central Effluent Treatment Plant (CETP) in the Savar Leather Village through addressing its loopholes, improving solid waste management, addressing the environmental and labour rights issues in this sector and thus manufacturing quality products and providing the same facilities to all other sectors that the RMG sector is now enjoying. Former Advisor to the Caretaker Government Syed Manzur Elahi joined the session as the guest of honor. Commerce Secretary Tapan Kanti Ghosh, Chairman, BFLLFEA Mohiuddin Ahmed Mahin and Chairman, BTA Md Shaheen Ahamed joined it as the special guests. Professor & Director, ILET, DU Dr. M Mizanur Rahman, Managing Director, DTIEWTPCL (TIED) Brig. Gen. M Zahid Hasan and The President, Tannery Workers’ Union Abul Kalam Azad attended the webinar as panel discussants. Managing Director of Apex Footwear LtdSyed Nasim Manzur, Chairman of RAPID Dr. Mohammad Abdur Razzaque and its Executive Director Dr. Abu Eusuf jointly presented the keynote paper. Country Representative, The Asia Foundation Kazi Faisal Bin Seraj delivered the welcome remarks. ERF President Sharmeen Rinvy chaired the event while ERF General Secretary S M Rashidul Islam moderated the event.

Bangladesh Film Artistes’ Welfare Trust Bill, 2021 aiming to ensure the welfare of actors and actresses as well as provide financial support to insolvent and ailing artistes was passed in Parliament on Saturday. Information Minister Mohammad Hasan Mahmud moved the Bill and it was passed by voice vote. The main objectives of the bill are to ensure the welfare of film actors and actresses, providing financial support to insolvent, incapable and ailing artistes, necessary assistance to the family members in the case of death of an artiste, and implementing other programmes to be taken by the trust. READ: Parliament passes Finance Bill, allows whitening of undisclosed money There will be a 13-member board, headed by the information minister, as its chairman to run the trust while a managing director will be there to act as the executive chief of the trust. The tenure of the members will be three years from their appointment date. The office of the Board will be in Dhaka. It will hold at least one meeting after every four months. The trust can receive grants and loans for its operation with prior permission. READ: Parliament passes new budget of ‘lives and livelihoods’

Prime Minister Sheikh Hasina on Tuesday (April 27, 2021) donated Tk 10 crore for providing assistance to the country’s journalists during the Covid-19 pandemic. “The Prime Minister has donated Tk 10 crore to Bangladesh Journalists’ Welfare Trust for extending assistance to journalists across the country at this tough time of Covid-19 pandemic,” PM’s Press Secretary Ihsanul Karim told UNB. Read OCAB forms new convening committee Also read Govt, WB ink $250 mn deal to help Bangladesh create more jobs

Nearly 33 percent or one-third of country's Mobile Financial Service (MFS) account owners received some form of government financial support within June 20, according to a recent study.

The Centre for Policy Dialogue (CPD) has proposed providing with Tk 8,000 per month for two months to each of 1.9 crore households, close to the lower poverty line, as COVID-19 pandemic put the poor people in trouble.