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WB to help improve social
safety nets in Bangladesh
The World Bank (WB) is keen to support a Government initiative to improving social protection system by strengthening rural safety net and introducing new urban safety net programmes in order to reduce vulnerability of ultra-poor in the country, says a press release.
The proposed National Social Protection Project (NSPP) of the Government envisages addressing the important sources of vulnerability and providing support mechanisms for mitigating future shocks as well as reducing existing vulnerability of the poor.
Under this initiative, improvement in four areas of social protection will be made:
1. Cash assistance and cash for work for poor living in unions through local government with enhanced accountability and transparency to strengthen rural safety nets.
2. Under a new urban safety net programme, cash assistance will be provided to vulnerable households and poor children living in peri-urban areas surrounding Dhaka.
3. Technical assistance to increase access to micro insurance through existing microfinance institutes and
4. Under local government supervision, setting up of early childhood development clubs at community level to provide a critical package of educational, nutritional, and stimulating practices to young poor children.
The local government institutes, with the help of non-government institutions, will play a leadership role in implementing various components of this proposed initiative. Union Parishads will administer the rural safety net programmes and childhood development clubs, while municipal governments will implement the urban safety net programme.
The Ministry of Local Government, Rural Development and Cooperative will coordinate implementation of NSPP, which also seeks to strengthen capacity of the local government institutes through this initiative.
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NRBs in Canada, Europe signed
36 MoUs to invest $2.3b
Holiday Desk
The Board of Investment (BoI) has signed MoUs with non-resident Bangladeshis (NRBs) in North America and Europe for making investing in different sectors worth US$2.28 billion.
According to BoI acting executive chairman a team from Dhaka visited Toronto (Canada), Birmiongham and London (UK), and Cologne in Germany from May 26 to June 6 to invite the NRBs for making investment in the country. The BoI has signed 36 memorandums of understanding (MoUs) with the NRBs those countries.
"During a visit in those places to attract foreign direct investment we have found a large number of Bangladeshis with investible fund at their disposal," said acting BoI executive chairman.
The BoI chief said the Bangladeshis are interested to invest in waste treatment plant, information and communication technology, agro-based industry, power and energy, automobile and solar power etc.
The NRBs in Canada have expressed their interest to invest $600 million followed by Birmingham $ 1.50 million, London $930 million and Germany $753 million.
"The NRBs asked us about the investment climate in the country and how long the present stable situation will continue," he said.
"We have assured them that the present government is running its administration with total support of the peoples and there is no scope for destabilisation of the political situation," he said.
He said: "If the NRBs want we might offer them an exclusive area in the special economic zone, which will be constructed with the financial help of the World Bank". The BoI will provide all possible help for getting the utility services for their projects, he added.
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MoU signed with BoI
New $2.9b investment proposal
from India's Mittal Group
Holiday Desk
Yet another Indian-origin company Global Oil and Energy Limited has signed a memorandum of understanding (MoU) with Bangladesh to invest about US$2.9 billion in the energy sector.
The UK-based Global Oil is an offshore investment arm of India's Ispat Industries, the Mittals' original family business founded by Mohan Mittal- father of Vinod and London-based steel tycoon Lakshmi N Mittal.
The company signed the MoU last Monday with Board of Investment (BoI) for studying the investment options ranging from gas and coal exploration to setting up petrochemical plant. The company's mnaging director Vinod K Mittal told newsmen after signing the ceremony: "We are comparable with Tata's investment move... We have signed the MoU and see the prospect of making investment after carrying out feasibility studies."
He said his company was primarily focused on exploration of gas and coal and would work with the investment board on how to commission projects. 'The estimated amount may change in course of time whenever we make feasibility study,' he added.
According to the company officials it hopes to begin the feasibility study within three months targeting two major sectors - oil and gas exploration and coalmine development - apart from its interests in investing in petrochemicals, power generation and infrastructure development.
The proposed $2.9 billion investment package, includes $300 million investment in coalmine development, $100 million in oil exploration and production, $500 million in electricity generation, $1.5 billion in petrochemicals and $500 million in NGL/LNG production.
The investment proposal made by India's industrial giant Tata Group remained stalled even after finalisation of the negotiation and evaluation on a revised proposal on critical issues. The immediate-past political government left the deal undecided.
However, BoI sources reportedly said that the government is likely to take a final decision on the $3 billion Tata investment package that include steel, coal, fertliser and power plant by next month.
On how the investment board would go ahead with the new multi-billion dollar investment move, the BoI acting executive chairman said the proposal made by the Mittal family was not as complex as that of Tata. 'So, we will be able to move ahead with our current capacity to handle it,' he added.
He also claimed that the atmosphere in the country at present was investment-friendly.
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