The International Finance Corporation has invested $22.7 million in Bangladesh's Ragadi Textile Limited to help the local company to build a modern, green factory. The new factory is set to create more than 900 direct new jobs. The expanded operation is also expected to contribute $8 million to Bangladesh's economy directly and indirectly through local supply chains by 2028. Furthermore, around $15 million will also be injected in economic activities generated by the additional income of employees, and boost opportunities for micro-, small-, and medium-enterprises in the supply chain. MA Jabbar, DBL Group's managing director, earlier told The Business Standard, "The group has decided to expand its capacity to meet the growing demand of our apparel manufacturing units. The new investment marks IFC's first Covid-19 support in the RMG sector and includes financing from the International Development Association's Private Sector Window (IDA-PSW), set up to cata...
The Lahore High Court imposed on Wednesday a Rs100,000 fine on Hamza Shehbaz after he failed to submit any response on petitions challenging his election as Punjab chief minister. The government of Punjab and Deputy Speaker of the province Dost Mohammad Mazari have also been fined Rs100,000 each due to the same reason, reported Aaj News . The petitions, filed by Pakistan Tehreek-e-Insaf (PTI), stated that the session held for conducting the election witnessed "immense chaos and most unfortunate events". It pointed out that Deputy Speaker Mazari took "unlawful" aid from the police and provincial officials for holding a "sham and fraudulent" election. It noted that votes of 25 dissident PTI MPAs were also counted in the final tally for Hamza. These MPAs have since been de-seated by the Election Commission of Pakistan. LHC reserves verdict on CM-elect Hamza’s plea The Punjab Assembly session for the CM election began after a delay of more than five hour...