IDLC and Prothom Alo Trust Continues Scholarship for 10 More Students of Asian University for Women
On 10th February 2021, 10 students of Asian University for Women received scholarships from a collaborated initiation of IDLC and Prothom Alo Trust. IDLC Finance Limited, Asian University of Women and Prothom Alo Trust has been sponsoring the education of 10 students every year as per a contract signed on 10th September 2018. 6 students from the 2017 batch and 10 students from the 2018 batch and 10 students from the 2019 batch were felicitated and given scholarships under the banner of “Oditiya” last year at the Asian University of Women Campus.
The UNO of Sreemangal Upazila, Mr. Nazrul Islam was present as the chief guest of the event. Preshagor Hazra, Upazila Vice Chairman of Sreemangal also glorified the event with his presence. Principals and vice-principals from local eminent educational institutes were present at the event along with representatives from IDLC and Prothom Alo Trust.
Students who received scholarships from the “Oditiya” reception are all from lower-income family and they are first from their families to get higher education.
RESILIENT TURN AROUND OF SMES FROM THE ADVERSE IMPACT OF COVID-19
Recovery of the SME Sector: An Essential for Ensuring Economy’s Overall Survival
Like in most other nations, the outbreak of the COVID-19 pandemic was unprecedented and shook the Bangladeshi economy. One of Bangladesh’s most prominent industries, the fisheries and livestock industry, employing about 70% of the individuals in the rural areas was struck hard. The dairy farmers also lost around BDT 189 million daily during the lockdown. The disruption of activities in the transportation industry, broke down the supply chain of the construction industry as shipments were delayed. Traders could not operate for two months, causing the price of construction materials fell significantly. Similarly, the fixtures and furniture industry, which employs the second highest number of workers in the country after the RMG industry, lost 70% of its business due to the pandemic, causing 0.60 million worker to be laid off. The non-allopathic or alternative medicine industry on the other hand is one of the few industries to make profit from the pandemic as people turned to Ayurvedic products, Naturopathy and Yoga to boost their immunity. At the same time the demand for Homeopathy medicine saw a sharp rise as people visited Homeopathic practitioners to treat any symptom related to COVID-19.
On the other hand, disruption of activities in the food and food processing industry, resulted in decreased sales for super shops and local vendors, while online sales saw a huge surge. At the same time the price of important staples rose by 15-20%. The local textiles industry faced losses due to an increase in price of raw materials. The light engineering sector, like most other sector also suffered a huge loss as 90% of the workshops were forced to shut down. The situation improved for most business once the lockdown was lifted, with many business recording higher profits than the previous years. The government’s stimulus package worth BDT 5000 crore also fastened the recovery process.
Sushmita Saha
Assistant Manager
IDLC Finance Limited