Bangladesh to get $1b from global climate fund: PM

Bangladesh is set to receive $1 billion financing from the global climate fund, said Prime Minister Sheikh Hasina at the Executive Committee of the National Economic Council (Ecnec) meeting on Tuesday.

She directed the Ministry of Environment, Forest and Climate Change to frame projects in coordination with the Delta Plan to avail the fund.

Planning Minister MA Mannan gave details of the meeting to reporters at a press conference.

He said the issue of availing $1 billion financing from the climate fund was discussed recently between French President Emmanuel Macron and Prime Minister Sheikh Hasina.

He also said the amount will not be provided in a single instalment. Bangladesh will receive this assistance on a project-by-project basis, with individual projects ranging from $20 million to $200 million.

The planning minister emphasised that the Sundarbans will be given the highest priority when selecting projects.

"The Sundarbans is a vital part of our cultural heritage, and it is our duty to safeguard it with unwavering dedication," he said.

At the press conference, Planning Division Secretary Satyajit Karmaker said it is likely that the G-20 countries will form the global climate fund.

During the time, State Minister for Planning Shamsul Alam said Bangladesh can spend the $1 billion climate finance within two to three years if the project proposals can be prepared quickly.

'Inflation will ease in November'

Planning Minister MA Mannan said Prime Minister Sheikh Hasina has ordered the construction of new bridges and culverts in the flood-affected haor areas, while repairing the existing roads. She has also ordered the construction of more culverts in areas where flood water creates more pressure, based on the results of surveys.

The prime minister has also asked for a new adjustment between the production and distribution price of Wasa water, he said.

Besides, she has ordered the speedy disposal of tax-related cases, according to the planning minister, MA Mannan added.

On the rising commodity prices, the minister said inflation has increased in August due to the increase in the prices of eggs and poultry chickens.

Inflation tends to be slightly higher during the months of August, September, and October in our country. However, there is optimism that inflation will ease in November. December and January witness the lowest inflation rates due to the arrival of new crops, he said.

This time, heavy rains have disrupted the supply system, contributing to the current increase in price inflation, the minister added.

The government has implemented various measures to curb inflation; otherwise, it could have surged to 13% to 14% at this point, said MA Mannan.

Additionally, there are considerations within the government to potentially raise the interest rates on bank loans as a means to alleviate inflation. This proposed adjustment would involve increasing the interest rate, which currently ranges between 6%-9%, he added.

19 projects approved by Ecnec

The Ecnec meeting on Tuesday has approved 19 projects with a total estimated cost of Tk18,066 crore.

The projects include a new project to develop the Mongla port, aimed at facilitating efficient handling of neighbouring countries' transit cargo.

The Tk4,283 crore project, with Tk3,782 crore to be provided by China on a government-to-government (G2G) basis, will enhance the port's container handling capacity by 3.5 lakh TEUs (twenty-foot equivalent units).

Once implemented by 2027, it is expected to boost the revenue of Mongla port and Mongla customs by Tk823 crore and Tk3,000 crore, respectively.

The projects approved by Ecnec include – Upgradation of District Highways to Appropriate Standard and Width (Khulna zone) project, Widening of Feni-Chhagalnaya-Karerhat Road, Construction of Shubhopur Bridge project, Physical Infrastructural Development of Gazipur City Corporation project, Land Acquisition for Construction of Sewage Treatment Plant in Rayerbazar area, 100% Reliable and Sustainable Electrification of Hatia, Nijhumdwip and Kutubdia project etc.