Showing posts from July, 2012

Twelve projects are being funded by India

Bangladesh has signed 12 development projects where India is providing Bangladesh with US$1 billion credit line. Bangladesh has submitted a budget that says that it will take approximately US$654.71 million. Tender for four projects has been already asked for and letters of credit have been opened for another four. The rest of the four projects are still awaiting approval.

The first project is about developing the transportation situation of Bangladesh. Bangladesh will buy 300 double-deckers, 100 single-decker and 50 articulated buses. The cost of this purchase is about US$36.85 million. So far, Bangladesh has received 91 double-deckers while 35 more are on their way. Ashok Leyland, the supplier of the buses, hopes that they will be able to finish the delivery within the end of October, 2012.

The second project is for the development of the railway transportation system of Bangladesh. Bangladesh will buy 180 broad gauge bogie oil tank wagons and six broad gauge bogi brake vans from Indi…

Putting an end to the unrest in the garment industry

Bangladeshi workers send record amount home

New job opportunities in the oil rich Middle East have bolstered the Bangladeshi economy, with migrant workers sending him a record $US12.85 billion in the fiscal year, which ended in June.

The executive director of Bangladesh's central bank, M. Ahsanullah said the amount is a 10.26 per cent increase on the last fiscal year.

Bangladesh has more than eight million migrant workers sending money back home.This much-needed foreign exchange accounts for more than 10 per cent of Bangladesh's Gross Domestic Product and helped to ease pressure on the nation's balance of payment and bolster the local taka against the US dollar.

Last year the taka lost 15 per cent of its value against the US dollar after the government sought a $US1 billion bailout from the International Monetary Fund in April. In the last six months, some 374,837 Bangladeshis flew overseas for work. According to Bangladesh's Bureau of Manpower and Employment Training they work mostly in the manufacturing, constr…