Economy
UNDP, BSEC Sign MoU to Boost SDG Bonds in Bangladesh
The United Nations Development Programme (UNDP) and the Bangladesh Securities and Exchange Commission (BSEC) have solidified their partnership by signing a Memorandum of Understanding (MoU) aimed at enhancing cooperation and fostering the ecosystem for issuing thematic bonds to achieve the Sustainable Development Goals (SDGs) in Bangladesh. The signing ceremony, held at the BSEC office in Dhaka on Monday, saw BSEC Chairman Shibli Rubayat-Ul-Islam and UNDP Bangladesh Resident Representative Stefan Liller affix their signatures to the agreement.
Under the MoU, UNDP Bangladesh will play a pivotal role in designing an impact measurement and reporting framework based on UNDP’s SDG Impact Standards. Moreover, they will provide assistance in developing bond allocation strategies and impact reporting mechanisms. Leveraging its expertise, UNDP is well-positioned to offer technical support and long-term capacity-building to establish a robust ecosystem for managing SDG thematic bonds, encompassing the entire process from pre-issuance to post-issuance. Additionally, UNDP will engage stakeholders to promote the adoption of thematic bonds among issuers and investors.
Stefan Liller, speaking at the signing ceremony, highlighted the importance of the thematic bond framework and the accompanying technical support. He stressed that these initiatives will create a conducive environment for mobilizing capital in Bangladesh to achieve the SDGs. UNDP is committed to collaborating with regulators, providing catalytic support, and fostering an ecosystem for SDG financing in Bangladesh, while simultaneously expanding opportunities for the private sector to advance their sustainability initiatives.
Expressing enthusiasm about the partnership, BSEC Chairman Shibli Rubayat-Ul-Islam affirmed that this initiative aligns with the various ongoing endeavors of the Government of Bangladesh. He emphasized BSEC’s successful pursuit of establishing a vibrant bond market and the inclusion of a separate section for green bonds in their Guideline for fixed-income securities. Rubayat-Ul-Islam opined that promoting sophisticated green financial products like thematic bonds or sukuks will ultimately fortify the overall bond market and facilitate efficient capital mobilization for achieving the SDG goals. He stressed the urgency of greening the economy and advocated for the early adoption of thematic products, pledging BSEC’s readiness to support in designing and piloting the framework.
The collaboration between UNDP and BSEC represents a significant stride towards directing investments into sustainable development in Bangladesh. By capitalizing on UNDP’s expertise and leveraging BSEC’s regulatory framework, the partnership aims to unlock financing opportunities for SDGs while fostering sustainable practices within the private sector. This joint effort aspires to mobilize fresh capital and promote environmentally friendly financial instruments, thereby contributing to the nation’s sustainable development agenda and climate-related commitments.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
