CSR allocation, spending by companies not calculated properly: Debapriya
“As this money [CDR fund] is spent, some of it goes on self-promotion of the companies,” he added
The allocation and spending by Bangladesh-based companies in the corporate social responsibility (CSR) sector are not properly calculated, according to Debapriya Bhattacharya, distinguished fellow at the Centre for Policy Dialogue.
"The percentage of the amount allocated from the profit is not properly calculated. In India, it is allocated at the rate of 3%," he said while addressing the closing ceremony of "Uddokta-Empowering Entrepreneurs" project at The Westin Dhaka today (17 December).
"As this money [CSR fund] is spent, some of it goes on self-promotion of the companies," he added.
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The economist also said, "Telecom companies make the most profit. Everyone knows how they do CSR."
He called on all to come together to ensure proper CSR spending.
Urging Chevron to increase its CSR spending, Debapriya said, "60% of the country's gas supply comes from Chevron. We expect Chevron to participate in deep sea drilling in the Bay of Bengal."
The five-year-long Uddokta project, financed by Chevron Bangladesh, has been implemented in the Sylhet region by the nonprofit organisation International Development Enterprises (iDE), Bangladesh.
Empowering entrepreneurs thru iDE project
At the event, Muhammad Imrul Kabir, corporate affairs director, Chevron Bangladesh, said, "Chevron has been working to ensure the country's energy security for three decades. Alongside this, it has been contributing to health, education, and economic development, of which this project is a part."
According to the results presented by iDE, the project developed 110 cooperatives to economically empower small businesses, benefiting 1,000 small and medium entrepreneurs. Through this initiative, 40,500 people in Sylhet and Habiganj have been identified as project beneficiaries.
iDE reported that while the project targeted a 35% increase in entrepreneurs' income, actual growth reached 53%. However, 93% of the entrepreneurs succeeded in income-generating activities, while the remaining 7% fell short of achieving success.
One successful entrepreneur, Romana Akter, who runs a quail farm, began with 500 birds. Her farm now houses 2,500 birds.
