Letter issued for onion imports

Urea fertiliser imports in Bangladesh are facing challenges as banks struggle to secure dollars for opening letters of credit (LCs). The Bangladesh Chemical Industries Corporation (BCIC), responsible for supplying urea, has had its LC applications frequently rejected due to a dollar shortage.

Experts at a Dhaka workshop emphasized that expanding crab farming in Bangladesh could significantly boost export earnings, given the rising global demand for crabs. The event, organized under the Resilient Homestead and Livelihood Support to the Vulnerable Coastal People of Bangladesh (RHL) project and funded by the Green Climate Fund (GCF), highlighted the economic benefits for coastal communities and stressed the need for increased research and collaboration between government and non-government sectors.

Prime Bank PLC has signed a Memorandum of Understanding (MoU) with Syngenta Bangladesh Limited to offer mortgage-free overdraft loans to Syngenta’s distributors. The agreement enables distributors to access up to BDT 1 crore in financing.

The Anti-Corruption Commission (ACC) filed a legal action against six government officials and Md Imran Hossain, the owner of Sadeeq Agro, for corruption and violations regarding the sale and import of cattle of the Brahman breed, which are banned in Bangladesh. There they have 2 parties who have committed violations. 

In the first ten months of FY24, Bangladeshi banks disbursed Tk 30,104 crore in agricultural loans, achieving 86% of the annual target of Tk 35,000 crore. This target represents a 13.6% increase from the previous fiscal year. Loan recoveries reached Tk 28,949 crore, marking a 7.66% year-on-year increase.

The import dependency on food grains in the country remains high, exacerbated by inconsistencies in production and demand, and systemic weaknesses. In the fiscal year 2023-24, imports included 87.12 million tons of various food and agricultural products, down from 91.55 million tons in the previous year.