News - Finance

Bangladesh receives $120M Loan to Improve Urban Planning, Services in Dhaka and Khulna

MANILA, PHILIPPINES, Nov 11, 2010 (Washington Bangla Radio) Bangladesh, supported by a $120 million equivalent Asian Development Bank (ADB) loan, is planning an overhaul of urban planning and infrastructure in two of its biggest city regions where services have struggled to keep up with booming populations.

The ADB Board of Directors approved the loan for the Bangladesh City Region Development Project, which will target energy-efficient, environmentally friendly urban services, more coordinated regional development planning, and stronger management capacity for municipalities in the sprawling city regions of Dhaka and Khulna, which include surrounding secondary towns.


Asia Must Tap Deep Savings, Private Sector to Finance Infrastructure - ADB

YOKOHAMA, JAPAN, Nov 7, 2010 (Washington Bangla Radio) Asia must be creative in finding ways to tap its multi-trillion dollar savings and to mobilize private sector support for new infrastructure needed to sustain growth in the coming years, said Asian Development Bank (ADB) President Haruhiko Kuroda.

"The infrastructure challenge for developing Asia is one of the most daunting we face today. We must work diligently to be innovative, yet financially responsible, in mobilizing Asian savings to deliver successful, sustainable and robust infrastructure projects," Mr. Kuroda told delegates at the Infrastructure Finance Forum. The event, jointly sponsored by ADB, the APEC Business Advisory Council and Japan Bank for International Cooperation, is being held in Yokohama, Japan today.

Gross domestic savings in emerging Asia reached close to $4 trillion in 2009. Much of this large cash pile has been underutilized, with regulatory obstacles, currency mismatches and underdeveloped capital markets hindering broader financing of essential infrastructure. The needs are immense with ADB calculating that about $8 trillion in new infrastructure investments will be required in the region through to 2020 to support current levels of economic growth.

Of the infrastructure needs, energy and electricity will take up 40% of the total, followed by transport at about 25%. Social infrastructure for education, health, water and sanitation, and other public goods will account for another 25%. The balance will be mainly investments in infrastructure for telecommunications.

With the public sector unable to meet the immense costs on its own, public-private partnerships are essential, and governments should look to strengthen existing legal and regulatory frameworks to attract more private investors and finance from funds and institutional investors.

"Infrastructure funds and local institutional investors, like pension and provident funds, can channel Asian savings to help finance public-private infrastructure projects," said Mr. Kuroda.

Further development of domestic capital markets and more local currency lending will also help address currency mismatches which are a deterrent to investors in the sector.

Development agencies are central to expanded investment, and here ADB is actively engaged through activities such as the ASEAN+3 Asian Bond Markets Initiative which is working to deepen domestic capital markets and promote local currency bond issues, and a pilot Credit Guarantee and Investment Facility, which is expected to be operational next year within ASEAN+3 countries.

ADB also works closely with development partners on initiatives such as the Asia Infrastructure Project Development Company which aims to attract private investors to the water sector in the People's Republic of China, and the Cities Development Initiative which invests in public transport, methane capture, energy efficiency and eco-industrial estates and systems around the region.

ADB's infrastructure-related investments are expected to exceed $8 billion annually - or about two-thirds of all its lending - over the next 10 years.


More Regional Infrastructure and Less Trade Barriers Needed - Haruhiko Kuroda, ADB President

KYOTO, JAPAN - Asian Development Bank (ADB) President Haruhiko Kuroda today said the key challenge for emerging East Asia to sustain growth is to expand domestic and regional demand by improving Asia’s regional infrastructure networks and removing barriers to intra-regional trade.

"It is particularly critical for moving beyond the recent global crisis toward sustainable and balanced economic growth and rapid poverty reduction," said Mr. Kuroda in his remarks at the APEC Finance Ministers' Meeting in Kyoto.

Mr. Kuroda cited ADB’s forecasts that projected emerging East Asia's gross domestic product to expand 8.4% in 2010, well above the 5.2% rate last year. Growth is seen cooling somewhat in 2011, but it should remain robust at 7.3%.


Indian Corporations wooed by Hong Kong and Guangdong for Greater Pearl River Delta Region

Hong Kong, CHINA, November 02, 2010 (Washington Bangla Radio / 1888PressRelease) - The conference, jointly organised by Invest Hong Kong and the Department of Foreign Trade and Economic Cooperation of Guangdong Province, highlighted the combined business advantages that Hong Kong and Guangdong have to offer for Indian investors.

It is the first time a conference of this scale has been hosted by the Governments of Hong Kong Special Administrative Region (HKSAR) and Guangdong Province in India. The Ambassador of the People's Republic of China to India, Mr Zhang Yan, and the Minister for Human Resource Development of the Indian Government, Mr Kapil Sibal, officiated at the conference, and Chief Executive of the HKSAR, Mr Donald Tsang, and Governor of Guangdong, Mr Huang Huahua, delivered keynote speeches.


Indian Denim Maker Nandan Exim Net Profit Up By 47.50% & Gross Income Up by 31.52% for Quarter Ended Sept 2010

Mumbai, India, October 28, 2010 (Washington Bangla Radio / pressreleasepoint) Nandan Exim Ltd [NSE: NANDAN], part of the 40 year old Chiripal Group and one of the fastest growing denim manufacturing companies in India, has registered a 31% higher sales turnover of Rs 112.87 cr for the quarter ended Sept 2010 as against a turnover of Rs 85.82 crore for the corresponding period previous year. At net level the profit rose 47.47% to Rs. 4.38 crore in the quarter ended September 2010 as against Rs. 2.97 crore during the previous quarter ended.

The company is one of the top 5 producers of Denim in India. The ultra-modern plant of Nandan Exim Limited, located at Ahmedabad Gujarat; employs the latest technology and has the infrastructure and installed capacity to produce 40 million meters of denim per year. The products manufactured by Nandan are primarily intended for sufficing the needs of the leading customers of the country and exports to the developed markets of the West and South East Asia, Europe & America.


Cap Interest Rates and Regulate MFIs - Associated Chamber of Commerce and Industry of India (ASSOCHAM)

Mumbai, Oct 27, 2010 (Washington Bangla Radio / pressreleasepoint) The Associated Chamber of Commerce and Industry of India (ASSOCHAM) has stated that the reputation of micro finance as an effective source of bridging financial access gap has severely been dented by the recent unfortunate turn of events in Andhra Pradesh and elsewhere and, therefore the government needs to set up an effective regulating body and put a cap on the interest rates charged by MFIs.

“The confidence of the people in microfinance model of development has shaken by the practices of unscrupulous microfinance institutions functioning in the rural areas of the country. The unreasonably higher interest rates charged by MFIs and their coercive practices have helped this sector to pos higher profits at the cost of the welfare of the helpless rural people that are yet to be financially included.

India's 2nd Largest Private Shipping Company Reports Higher Income and Net Profit for Half Year Ended Sep 2010

Mumbai, India, October 29, 2010 (Washington Bangla Radio / pressreleasepoint) Mercator Lines Limited, India's 2nd largest private sector shipping company (in terms of tonnage), announced its results for the 1st Half of FY -11 ended Sept. 30, 2010. The total consolidated income was Rs. 1,271 Cr. in H1 FY -11 against Rs. 854 Cr. in H1 FY -10 thus recording an increase of 48 % on YoY basis. The Net Profit was Rs. 113 Cr. in the H1 FY -11 against Rs. 43 Cr. in the same period of previous year, thus achieving an impressive growth of 167 %. During the period, Mercator group added 1 Aframax tanker, 1 Panamax dry bulk carrier and has contracted to acquire one more Panamax for acquisition.


Indian economy gaining momentum by the day - on track to achieve the pre-economic crisis status soon

By Ashok Handoo

New Delhi, Oct 29, 2010 (Washington Bangla Radio / PIB India) Judging by what the Finance Minister Shri Pranab Mukherjee told the Economic Editors Conference in New Delhi recently, the Indian economy is gaining momentum by the day and is on track to achieve the pre- economic crisis status soon. He justified his statement by quoting statistics. He was confident that the economy would touch the near 9 percent growth rate in the near future.

After achieving 9 % growth rate for a number of years, there was sudden downfall to 6.5 % in 2008-9, due to global economic slowdown. But thanks to the resilience of the Indian economy, growth rate kept on increasing every year. It touched 7.4 %, followed by 8.8 % and now we hope to return to 9 % growth rate in the next year to move forward to a double digit figure.


1st World Conference On RIBA hosted by Malaysia - Islamic Banking leaders meet

Malaysia,  Oct 26, 2010 (Washington Bangla Radio / 1888PressRelease) The 1st World Conference on RIBA scheduled to be held in Malaysia on 1 and 2 November 2010 will set the stage for an in-depth and comprehensive deliberation on RIBA or Interest from all perspectives.

The conference will see the gathering of eminent scholars, business and industry leaders, politicians and government officers, policy makers and regulators, general public and students from all over the world.

Conference Chairman Professor Dr. Ahamed Kameel Mydin Meera said it is more important now than before to discuss on the issue of riba amid signals of another financial crisis brewing.


Influential G20 Asian Economies Should Take More Responsibility in Global Reform says ADB

SEOUL, REPUBLIC OF KOREA, Oct 26, 2010 (Washington Bangla Radio / ADB) - Asian Development Bank (ADB) President Haruhiko Kuroda today called for developing Asia's members of the influential Group of 20 (G20) to take greater responsibility in driving global economic reform.

"Asia's G20 members must play a proactive role in the G20 framework to ensure that its policies and measures reflect regional goals and development priorities," said Mr. Kuroda in his opening remarks to a conference organized by the ADB and the Peterson Institute of International Economics. The conference was entitled "Reshaping Global Economic Governance and the Role of Asia in G20."

The ADB President, speaking ahead of the G20 Summit to be held here next month, noted that the diversity in levels of development and priority differences among G20 members suggest hurdles exist before reaching political consensus. "As important stakeholders in this, Asian economies – both individually and collectively – hold the key to resolving these issues of conflicting interests."


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