Connect with us

Bank-Insurance

ADB Launches Pioneering Initiative to Tackle Heat Stress Impact on Women in Asia-Pacific

Published

on

ADB BAngladesh

The Asian Development Bank (ADB) has initiated a groundbreaking program aimed at comprehensively addressing the impact of heat stress on women and girls throughout Asia and the Pacific.

The newly launched technical assistance program will delve into the repercussions of escalating heat threats on women, identifying specific policies, actions, and investments that governments can implement to mitigate these effects. The initiative, set to be executed in Bangladesh, Cambodia, Pakistan, Sri Lanka, and Tajikistan, responds to the unprecedented strain placed on women in the region due to the escalating temperatures, impacting their economic productivity, role in food security, and essential infrastructure use.

ADB President Masatsugu Asakawa, speaking at the COP28, emphasized that development is inseparable from addressing climate change consequences, particularly extreme heat, with a focused lens on women. Extreme heat has been linked to significant global labor losses, disproportionately affecting women and leading to substantial socioeconomic setbacks.

In a panel discussion co-organized by ADB and the Arsht-Rockefeller Foundation Resilience Center, former US Secretary of State Hillary Rodham Clinton underscored the disproportionate impact of climate change on vulnerable women, applauding ADB’s initiative as a critical step toward rectifying gender imbalances. The initiative aligns with ADB’s commitment to integrate heat action planning in vulnerable regions, emphasizing women’s climate resilience and advocating for gender-responsive measures.

ADB’s broader ambition involves providing $100 billion in climate financing from 2019 to 2030, with a focus on adaptation. In 2022, ADB allocated $7.1 billion for climate finance, with a substantial portion dedicated to adaptation efforts. The bank also mobilized an additional $548 million in climate finance from the private sector last year, reflecting its commitment to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while eradicating extreme poverty.

Share this

Bank-Insurance

Cenbank Prolongs Import Payment Terms for Raw Materials Until Dec 2024

Published

on

bank

The Bangladesh Bank (BB) has announced an extension for the payment period against imports of industrial raw materials from 180 to 360 days, a measure now set to remain in place until December 2024. This policy, initially scheduled to end in June of this year, has been prolonged to facilitate trade transactions, according to a BB circular issued today.

“To support trade transactions, it has been decided to extend the policy support until December 31, 2024. The extended usance period will not apply to imports under EDF loans, as previously stipulated. All other relevant instructions remain unchanged,” the circular stated.

Share this
Continue Reading

Bank-Insurance

Banks in Industrial Areas to Open June 14-16 for Eid Payments

Published

on

cenbank Monetary Policy bangladesh bank central imf reserve BB

To ensure timely payment of salaries and bonuses to garment industry workers before Eid-ul-Azha, the branches of banks in key industrial areas will remain open on a limited basis on June 14, 15, and 16.

The Bangladesh Bank (BB) issued a notification stating that bank branches in Dhaka metropolitan, Ashulia, Tongi, Gazipur, Savar, Bhaluka, and Narayanganj will operate on these days to facilitate financial transactions for garment sector employees.

Typically, Friday and Saturday (June 14 and 15) are weekly holidays, and Sunday (June 16) will be closed for Eid. Despite these closures, the BB has mandated that banks in industrial regions stay open to manage the disbursement of wages and bonuses and facilitate the sale of export bills.

Additionally, bank branches in Chattogram metropolitan and industrial areas will also be open to support garment workers’ payments and the processing of export bills.

The BB has instructed banks to coordinate with local authorities to ensure adequate security at the branches during this period.

Eid-ul-Azha, one of the most significant religious festivals for Muslims, will be celebrated in Bangladesh on June 17.

Share this
Continue Reading

Bank-Insurance

Cenbank Mandates Real-Time Reporting of Willful Defaulters

Published

on

bank

The Bangladesh Bank (BB) has issued new instructions to banks to submit data on willful defaulters to the Credit Information Bureau (CIB) database. This directive was issued on Tuesday, requiring immediate compliance from commercial banks and non-banking financial institutions (NBFIs).

In a circular released by the CIB of the central bank, banks have been instructed to report their June data in real-time starting July 1. The circular has been sent to top executives of banks for prompt execution.

This move follows an earlier initiative by the BB, outlined in a circular on March 12, aimed at identifying willful defaulters within the banking sector. The central bank also detailed actions to be taken against such defaulters.

According to the circular, any client who takes a loan anonymously and misuses it will be classified as a willful defaulter. Banks were directed to establish a ‘willful defaulter identification unit’ by April 9 to facilitate this identification process.

The circular further stipulates penalties for non-compliance. Banks that violate these conditions will face fines ranging from Tk 50 lakhs to Tk 1 crore. Continued violations will incur additional fines of Tk 1 lakh per day.

Share this
Continue Reading