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Around 22.5 million children aged between six months and five years will be fed Vitamin A plus capsule under a national campaign today (Saturday) to prevent childhood blindness and reduce child mortality, reports BSS. Health Minister Mohammad Nasim will inaugurate the campaign feeding Vitamin A capsule and deworming tablet to some kids at Shishu Hospital in the city's Agargaon area, said a press release. Children aged between six and 11 months will be given the blue-coloured high-powered Vitamin A capsule while children aged between 12 and 59 months will receive the red-coloured one. Children, according to the release, will be fed Vitamin A capsule at some 120,000 permanent health centres and 20,000 mobile centres across the country. Vitamin A supplementation contributes to build the immune system, helping children to better cope with common infections. The supplementation also helps children to grow faster, to be less anaemic and reduces the mortality rate, said Unicef. Another Chapainawabganj report adds: A total of 200,809 children aging from six months to 59 months will be administered Vitamin A Plus in five upazilas of the district today. According to the civil surgeon's office sources, the number of children from six months to 11 months is 23,843 and the number of children from 12 months to 59 months is 176,966.....

Published at: 2017-08-05 00:00:05

New-generation investors called 'angels' are now pouring funds into startups, turning Bangladesh's investment scene interesting, despite lack of adequate policy supports. According to people familiar with this latest development on the front of finance capital, business angels or angel investors are affluent and wealthy individuals who invest their personal or their groups' capital in startup companies in return for an equity stake. The entrepreneurs under such circumstances are typically early-stage and ignored by banks for accessing to the institutional loans. Some of those who have emerged as angel investors told the FE that there are around 20 angel investors in the country alongside some international funds. The average or median size of investment in a startup is around Tk 5.0 million with some exceptions of much higher investments being poured in. Business angels are able to offer cash injection for relatively small amounts that would not otherwise be available through venture capital. However, the central bank of Bangladesh is now showing keen interest about how to expand the angel investment to accelerate economic activities of the country, now striving for higher status in development rankings. Bangladesh Bank Governor Fazle Kabir at a recent programme said the central bank wants to work in the new arena of investment as coordinator. "The venture capitals are not showing interest about the startups, so we want expansion of the angel investment in the country," he said. The angel investors expect to see a return on their investment within three to eight years and some will take an active role in the business they invest in. They stake out money mainly into consumer internet and mobile, e-commerce and food-tech startups as well as some others with high potential. Currently, business angels are operating independently in the country but they also work as a syndicate or network. There are a number of angel networks even in India where its growth is too high. However, a local investor of this new breed, Fayaz Taher, told the FE that the biggest challenge for fast expansion of angel investment is lack of policy support and exit strategy. "If we invest in tech ventures, we don't get any tax credit even though it's a high-risk one," he said. He also said: "We have to handhold and spend more time. Also what will be the exit?" He noted that there are very few venture capitals for next round of funding and little activity so the survival of a startup gets even more difficult. There is no small-cap stock market either and very few corporates who are buying other companies out, said the 'angel' investor. He, however, cited a successful example of funding in startup named Magnito Digital. They are one of the largest digital agencies in Bangladesh managing multiple brands in what is known as knowledge economy. "In terms of financial return, we get dividends every year," he added Echoing his views another angel investor, who wished not to be named, said to increase investments by angels there has to be some sort of policy supports like getting tax credit and exit policy. "People will increase investment which will increase business activity and reduce the reliance on seeking debt from banks," he said highlighting angel investment in a country like Bangladesh. "It will also mean more opportunities for startups who struggle." To access capital from institutions such as banks is difficult for not having collateral or knowing the right people. He said in the US there is something called accredited investors which Bangladesh can do through a training programme and certification so that angel investors have basic knowledge. "Allow creating an official angel network association so that angels can invest as a group," he said. Maruf Hossain, business-development manager at an international fund-SEAF Bangladesh Ventures (SEAF BV)-told the FE that they had also invested in many startups with a high number of success stories. Their most successful angel investments were a flour mill in Sirajganj and an oil-tanker company. "We found them having talent and potential and they are now successful entrepreneurs and giving us dividend each year," said Mr Hossain. Bangladesh's startup-investment scene is becoming increasingly interesting in recent years with the advent of the angel businesses from beyond the known business horizons. The government enacted a law for the alternative investment in the country. Rules on the alternative investment were introduced by the BSEC (Bangladesh Securities and Exchange Commission) sometime in June 2015 to pave the way for such endowments.     jasimharoon@yahoo.com....

Published at: 2017-08-05 00:00:04

Medical evidence of the rape of a young girl by a Sramik League leader in Bogra has been found, says police, reports bdnews24.com. The perpetrator's family allegedly shaved the heads of the victim and her mother soon after the incident last month. Medical tests have confirmed the sexual assault on the girl, said case investigation officer and Bogra Sadar police Inspector Abul Kalam Azad on Friday. "We have received the medical report. The result is positive. We have evidence of the rape," he told the news agency. He said police would produce the main accused in the case, Tufan Sarker and two other suspects, in court later on Friday and plead for an extension of their remand for further interrogation. The girl, who recently cleared the SSC exams, accused Bogra Sramik League leader Tufan of luring her with a promise of admission to a good college and then raping her on July 17 and several times later. She said several of his associates had also helped him in the act. The girl's mother filed the case against 10 people on July 23 hours after she and her daughter were picked up from their home by Tufan's relatives and several miscreants. Tufan's wife Asha Akter and his elder sister Marzia Hasan Rumki, a reserved seat councillor of Bogra Municipality, had assaulted the two and released them after shaving their heads. Following his arrest, Tufan was expelled from the Sramik League, the labour front of the Awami League. Later, a Bogra court remanded Tufan and his alleged accomplice Munna in custody on July 30 for three days and extended the remand by two more days on Wednesday. Police also currently have in custody Rumki, Asha and her parents Jamilur Rahman Runu and Rumi Khatun, Tufan's car driver Jitu and Jiban Kumar Rabidas, the barber who shaved the heads of the victim and her mother. All of them have faced interrogation following court orders. Rabidas and Dipu, another accused in the case, made confessional statements under Section 164 of the CrPC on Wednesday.....

Published at: 2017-08-05 00:00:04

FHM Humayan Kabir Bangladesh's dependence on high-rated International Trade Finance Corporation (ITFC) credits for oil import is decreasing for opting for direct purchase from other markets, officials said. Although the ITFC set aside US$700 million in loan in the last financial year (FY), 2016-17, Bangladesh government used only $250 million of the credit.  ITFC, the trade-financing arm of the Islamic Development Bank (IDB), charges higher interest rates with shorter repayment tenures on loans for the purchase of crude and refined oils, the officials said Friday. The ITFC recently requested the state-owned Bangladesh Petroleum Corporation (BPC) to complete negotiations for necessary loans for the current FY2018 to purchase petroleum. Meanwhile, the BPC has selected Unipec, a trading arm of the Chinese state oil-major Sinopec, and Vitol, a Singapore-based supplier, for supplying nearly 1.06 million tonnes of oils for the second half (July-December) of the current calendar year (2017). An Energy and Mineral Resources Division (EMRD) official said since ITFC loan is costly and the premiums for the oil purchase under this arrangement are also higher than the competitive markets, the BPC began reducing its reliance on borrowing from the IDB's lending arm. "Besides, lower import payments for crude and refined oil purchases due to the falling petroleum prices on the global market prompted BPC not to borrow higher amounts of credits from the ITFC over the years," he added. Another EMRD official pointed out that the BPC is now making profit in selling the oils on the domestic market, which also placed the state-run oil supplier in a better position on its balance sheet. According to official data, the BPC's loans from the ITFC for oil imports have been shrinking remarkably since 2012. The data showed credits from the ITFC plunged by nearly 90 per cent to only about US$250 million in the last FY2017 from a peak of $2.60 billion back in 2012. BPC annually borrows from the IDB's trade-financing wing, ITFC, to procure crude and refined oils from the major oil suppliers in the Gulf, including Kuwait, Saudi Arabia and the UAE. According to the BPC, its borrowing peaked in 2012 as it took the highest $2.60 billion worth of credits from the ITFC due to higher oil-import bills that time. That year, oil prices jumped to US$128 per barrel. Currently, the price indices have hit a rock-bottom $48.89 per barrel, as of August 4. After a record-highest borrowing in the year 2012, BPC's loan started to fall as it took $2.0 billion the following year (2013), $1.20 billion in 2014, $1.0 billion in 2015 and only $250 million in the last FY2017.  Currently, the government has to repay the IDB's short-term loan (6-month period) at 3.9 per cent interest. The country's oil-importing agency, BPC, which had been in the red since 1999, made a turnaround with counting profits from September-October period of 2014. The lower oil-price trends have already saved the government from the burden of heavy subsidy to the power sector that consumes costly fuel oils alongside petroleum products like diesel, octane, petrol and kerosene needed for feeding the domestic market. A senior Economic Relations Division (ERD) official said a four-member delegation from the ITFC last week visited Dhaka discussing with the ERD, EMRD, and BPC the merit of borrowing their available loans. The ITFC said it had earmarked $700 million for the last FY2017, and also offered adequate loans for the oil purchase by the BPC for the current FY2018, he told the FE. However, since BPC has been getting oil from different markets in the globe through open tendering at lower prices and premiums than ITFC's supply arrangements, it is not showing interest to borrow the costlier loan from the IDB's lending arm, the ERD official added. In the last calendar year, 2016, the BPC imported 4.17 million tonnes of refined oils and 1.31 million tonnes of crude.     kabirhumayan10@gmail.com....

Published at: 2017-08-05 00:00:04

FE Report Bangladesh will need around US$ 7.0 billion in additional foreign direct investment per annum over the next thirteen years for financing the programmes that would help it achieve the Sustainable Development Goals. The amount is three times the FDI the country currently receives annually. Added up to its daunting task of arranging external funds for implementing the UN-mandated development recipe is pulling another amount of around US$ 2.55 billion each year in foreign aid and grants during the period, a recent estimate by the Planning Commission reveals. In total, the country will require around US$ 928 billion worth of additional resources during the period of 2017 to 2030 for achieving the 17 Sustainable Development Goals set by the United Nations for its member-countries. Out of this total amount, US$ 796.09 billion has to come from domestic sources while US$ 132 billion from external sources.   The findings were part of an SDG needs assessment and financing strategy carried out by the General Economics Division of the Planning Commission recently. Out of the total amount of external resources required for SDG financing, around 73 per cent has to come in the form of FDI. Experts, however, observed that given the recent trend in FDI flow into the country, meeting the FDI portion of SDG finances would be one of the big challenges facing the country in this respect. Bangladesh received around US$ 2.33 billion worth of foreign direct investment in 2016, up by only 4.4 percent from US$ 2.23 billion it received back in 2015. Although the annual FDI inflow has more than doubled in last six years from US$ 1.13 billion in 2011, the growth curve has often been erratic and inconsistent. "The ideal way in this regard would be to increase the FDI flow gradually over time," said Professor Selim Raihan of the South Asian Network for Economic Modelling (SANEM), who has worked with the Planning Commission in developing this financing strategy. "According to our projection, the goal should be to attract US$ 2.7 billion of additional FDI by 2020, US$ 6.5 billion additional FDI by 2025 and US$ 10 billion by the year 2030," he added. When contacted, the government officials concerned also agreed that the projection of annual FDI receipt outlined in the SDG-financing assessment is 'ambitious'. However, they pin their hopes on government's plan to set up special economic zones across the country.   "Although this FDI projection seems to be ambitious, nevertheless, given the government's initiative to set up 100 SEZs by 2030 and the prospects of large FDI from China, Japan, India and other countries in those SEZs may fulfil much of this requirement," said Member of the Planning Commission Professor Dr. Shamsul Alam.     Experts, however, pointed at a lack of specific government roadmap in setting up these planned 100 SEZs. "A specific roadmap would help us to chalk out how and by when these economic zones would be set up," Prof Selim Raihan said.      Overall, private sector is expected to share the biggest chunk of SDG finances for Bangladesh. The contribution of the private sector is expected to grow from 37 per cent in FY 2017 to 46 per cent in FY 2030.   The contribution of external sources, on the other hand, is expected to decrease from 18.35 per cent in FY 2017 to 13.25 per cent in FY 2030. Nevertheless, the contribution of external resources would be crucial for the implementation of SDG 13 that deals with climate action where it would contribute 50 per cent of total funding. Meanwhile, it would also play a significant role in the implementation of SDG 6, 14, 15, 16 and 17 which deal with the issues of water and sanitation, conservation and sustainable use of ocean, sustainable management of forests, peace, justice and strong institutions as well as global partnership. The dire need for boosting FDI for funding Sustainable Development Goals was also noted in the aforementioned SDG Financing Strategy which stresses greater trade openness and infrastructural development as major prerequisites for attracting more foreign direct investment in to the country. "Liberalization of trade leads to greater specialization and division of labour leading to higher productivity and export capabilities," says the Planning Commission in the study report. It also notes that infrastructures including electricity, transportation and telecommunications assist in smooth operation of the businesses and promote greater productivity. Pointing out that FDI is positively associated with the magnitude of domestic investment, the report has called for improving the business environment, reducing the cost of doing business and facilitating domestic investment through eliminating policy-induced and supply- side constraints.     mehdi.finexpress@gmail.com....

Published at: 2017-08-05 00:00:04