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Business Recorder
12-07-2025
- Business
- Business Recorder
$207.17m Punjab housing programme: WB gives moderately satisfactory rating
ISLAMABAD: The World Bank has rated the implementation progress of the 'Punjab Affordable Housing Program' of around $207.17 million as moderately satisfactory. The project was approved in March 2022 with the development objective to support the government of Punjab in strengthening its housing institutions and systems, and enhancing the quantity and quality of affordable housing supply. The project documents revealed that the project cost has been revised from $200 million to $207.17 million. Program implementation is steadily accelerating, with total disbursements reaching $24.54 million to date Punjab govt moving towards regularizing illegal housing societies Many of the annual targets for the Disbursement Linked Indicators (DLIs) have been met. Notable achievements include the development and operationalisation of the Housing Market Information System, the Project Management Information System, and the Beneficiary Management Information System. Additionally, the Location and Infrastructure Investment Criteria have been established, and the revised Affordable Private Housing Scheme (APHS) Rules and Regulations have been approved. A rapid housing assessment has been conducted as a more in-depth comprehensive housing assessment will be part of the assignment when developing the Punjab Affordable Housing Policy. Beneficiary eligibility criteria to better respond to local market conditions and catering to lower-income households are being developed and are expected to be finalized by end August 2025. Innovative design solutions for core housing prototypes and their costing is underway, to be completed by end-August, official documents noted. Copyright Business Recorder, 2025
The Star
25-06-2025
- Business
- The Star
Sabah's energy sector sees promising transformation under ECoS
KOTA KINABALU: Just over a year since assuming regulatory control, the Energy Commission of Sabah (ECoS) is beginning to see tangible progress in stabilising, reforming, and future-proofing the state's energy sector. ECoS chief executive officer Datuk Abdul Nasser Abdul Wahid ( pic ) highlighted that Sabah's energy landscape, once plagued by supply instability and limited rural access, is now moving towards a more resilient and inclusive system. "When we came in, the priority was to stabilise the grid. We had to put the house in order before we could talk about transformation," Nasser shared in an interview with Niaga Spotlight. The turnaround began with urgent interim measures: leasing 200MW of diesel and gas generation capacity, and deploying 100MW of battery energy storage systems (BESS). These initiatives were crucial in preventing outages and restoring confidence. Sabah is now on track to achieve a 25% reserve margin by the third quarter of 2025, with plans to phase out diesel systems and replace them with permanent gas plants by 2026–2027. "Electrification of remote areas is another area where progress is accelerating. With 96% rural electrification already achieved, ECoS is collaborating with federal and state agencies, including the Ministry of Rural and Regional Development (KKDW), UPEN Sabah, Sabah Electricity Sdn Bhd (SESB), and JELaS, to reach full access by 2030," he said. Nasser emphasised that innovative off-grid solutions powered by renewables and supported by local communities will be key. 'Electricity is not a luxury. It is a right. We want communities, especially those long left behind, to be part of this journey,' he explained in a statement on Wednesday (June 25). Under the Sabah Energy Roadmap and Master Plan 2040 (SE-RAMP 2040), Sabah aims to achieve 40% renewable energy by 2030 and 80% by 2050. So far, 600MW of renewable capacity, mostly hydropower, has been approved, with a total target of 2,000MW by 2040. 'These projects create jobs, build skills, and unlock business opportunities, especially for youth and indigenous communities,' he said, stressing that this green transition must benefit everyone. Major developments like the Upper Padas Hydropower Project will be guided by strict environmental and social safeguards, with early stakeholder engagement, environmental protection, and fair compensation at the core. Sabah's abundant bioenergy potential, estimated at over 800MW, is being positioned as a new growth area. ECoS is working on policies that cap biomass exports, encourage methane capture, and support Government Linked Companies-led aggregation, while introducing premium tariffs for green electricity. 'Bioenergy is a hidden gem for Sabah. It's sustainable, scalable, and it creates rural income,' Nasser noted. While ramping up renewables, ECoS remains clear-eyed about energy security. Natural gas will continue to serve as a key transition fuel, bridging the shift to a greener grid. Sabah's strategy supports both the National Energy Transition Roadmap (NETR) and SE-RAMP 2040, ensuring national alignment with local priorities. Through the TVET Angkat ECoS programme, the agency is investing in vocational training, aligning curricula with industry needs, and equipping local youth to participate in, and benefit from, the energy transition. 'We don't just want to build infrastructure. We want to build people,' said Nasser. Looking ahead, Sabah is poised to become a regional energy hub. The long-planned Sabah-Sarawak grid interconnection, expected to be completed by the end of 2025, will enable cross-border electricity trade and support ASEAN energy integration. 'Our goal is to make Sabah a model of a just and sustainable energy transition,' Nasser said.
Business Standard
20-06-2025
- Business
- Business Standard
Tamilnad Mercantile Bank trims lending rate by 50 bps; RLLR now at 8.50%
Tamilnad Mercantile Bank announced a 50 basis points (bps) reduction in its Repo Linked Lending Rate (RLLR), bringing it down from 9.00% to 8.50%, in line with the Reserve Bank of India's latest repo rate cut. The new rates, effective from 20 June 2025, will reduce EMIs or loan tenures for borrowers, offering major relief to home and personal loan customers. The Reserve Bank of India (RBI) recently cut the repo rate by 50 basis points (0.50%), reducing it from 6% to 5.50%. Its effect is now slowly showing on the banks. Following other major banks, Tamilnad Mercantile Bank has now reduced its Repo Linked Lending Rate (RLLR) from 9.00% to 8.50%. Tamilnad Mercantile Bank (TMB) is one of the renowned old private sector banks, having its headquarters in Thoothukudi (Tamil Nadu). The bank has opened 26 new branches during the year FY 24-25. The banks net profit rose 15.35% to Rs 291.90 crore on 8.78% increase in total income to Rs 1,542.06 crore in Q4 March 2025 over Q4 March 2024. Shares of Tamilnad Mercantile Bank rose 0.21% to Rs 444.50 on the BSE.
Business Recorder
20-06-2025
- Business
- Business Recorder
Punjab budget: $428.54m foreign-funded uplift projects included
LAHORE: Foreign-funded development projects of USD 428.54 million have been included in Punjab budget for FY 2025-26. These projects focused on improving water supply & sanitation, urban development, environment, irrigation, agriculture, physical infrastructure, health, education, skills development and IT & governance. As per budget document, foreign engagement in Punjab's development financing primarily takes two forms: project-based loans and grants (Foreign Project Assistance) and programme-based loans (budgetary support). Loans obtained from multilateral donor agencies through the Federal government for specific foreign-assisted development projects are termed as Foreign Project Assistance. Programme loans, on the other hand, provide direct budgetary support, linked with indicators and results, named Disbursement Linked Indicators and Result Based Lending. The Punjab government, in line with its policy parameters on foreign borrowing, is guided by a preference for concessional financing and longer maturities, ensuring long-term fiscal sustainability. World Bank-funded projects are: Punjab Clean Air Programme, Getting Results: Action, Delivery of Quality Education Services; Punjab Rural Sustainable Water Supply & Sanitation Project (PRSWSSP); Punjab Resilient and Inclusive Agriculture Transformation Project (PRIAT); Punjab Urban Land Systems Enhancement (PULSE) Project; Punjab Human Capital Investment Project; Punjab Resource Improvement and Digital Effectiveness; Punjab Family Planning Programme (PFPP); Punjab Affordable Housing Programme (PAHP); National Health Support Programme; Punjab Tourism for Economic Growth Project (PTEGP); Punjab Cities Programme and Punjab Green Development Programme (PGDP). The ADB-funded projects included: Construction of Jalalpur Irrigation Project; Punjab Intermediate Cities Improvement Investment Programme; Project Readiness Financing (PRF) for Punjab Water Resources Management; Project Readiness Financing for Punjab Urban Development Projects; Improving Workforce Readiness in Punjab Project; Developing Resilient Environment and Advancing Municipal Services (DREAMS) in Punjab; Responsive Ready and Resilient STEM Secondary Education in Punjab. Copyright Business Recorder, 2025
Mint
13-06-2025
- Business
- Mint
Canara Bank cuts RLLR to 8.25%, making loans cheaper from June 12
In a move to boost borrower confidence, Canara Bank has reduced its Repo Linked Lending Rate (RLLR) from 8.75% to 8.25%, effective from June 12, 2025. This comes in response to the recent 50 basis point reduction by the Reserve Bank of India (RBI), bringing it down to 5.5%. Therefore, by passing on the complete benefit to the loan aspiring applicants, Canara Bank has made loans cheaper across its entire portfolio. Due to this move, interest rates on popular retail loans have been slashed. Home loans now start at 7.40% per annum, down from 7.90% whereas vehicle loans begin at 7.70% reduced from 8.20%. These lowered rates are expected to significantly reduce the EMIs on both existing and new borrowers. Thus making home and vehicle ownership more affordable and accessible for aspirational borrowers. Furthermore, as the RLLR is directly linked to the repo rate cut by RBI, any monetary policy changes or adjustments are quickly reflected in the financial institutions lending rates. This ensures transparency, clarity and prompt relief for borrowers. Not only this, Canara Bank has also trimmed its Marginal Cost of Funds Based Lending Rate (MCLR) by a total of 20 basis points across all tenures. This will benefit borrowers with older loans linked to MCLR. This move follows a broader trend by banks and financial institutions cutting lending rates after the RBI's policy action. All these steps cumulatively are aimed at stimulating demand in the credit market. For Canara Bank the rate cut aligns with its strategy to support economic growth, boost investment and financial inclusion by enhancing the availability of credit. Now with reduced rates across the board Canara Bank is encouraging individuals and businesses to check out their new loan products or even consider refinancing the existing ones. These steps are expected to provide timely financial relief and boost credit activity in the automobile and housing sector of the country. Disclaimer: Loan rates and terms may vary and are subject to change by Canara Bank. Reach out to the official website of the bank and verify details. This is for informational purposes only.
