Md. Nurul Islam, Deputy Managing Director of Islami Bank Bangladesh Limited, distributes relief materials to a woman who was affected by a devastating fire took place at city's Hazaribag Boubazar area at a function in Dhaka recently.

News: The Daily Sun/Bangladesh/27-Nov-12

Md Mahmudul Hoque, Chairman of the Board of Directors of Jamuna Bank Limited, presides over the 221st board meeting of the bank at the bank’s head office in Dhaka Monday.

News: The Daily Sun/Bangladesh/27-Nov-12

Social Islami Bank Limited (SIBL) opened its 83rd branch at Roazarhat in Chittagong recently.

Dr. Hasan Mahmud, MP, Minister for Environment and Forest Minister, inaugurated the branch as chief guest, said a press release Monday.

Alhaj Nasiruddin, former chairman and director of SIBL, and director Md. Fazle Morshed were present.

Md Shafiqur Rahman, Managing Director (current charge) of the Bank presided over the function.

Regional Manager of Chittagong Zahangir Khaled, eminent local businessmen and valued customers of the Bank were also present.

News: The Daily Sun/Bangladesh/27-Nov-12

Sonali Bank authority has expressed concern as the Bangladesh Sugar and Food Industries Corporation (BSFIC) failed to repay installment of loan in September last, official sources said.

“We have received a letter from the Sonali Bank authority requesting for measures against the corporation, as the BSFIC did not respond to the Bank’s call to repay loan installment, said a senior official of the banking division.

The official also said that the division would inform the matter to the industries ministry.

Hasan Iqbal, General Manager of Sonali Bank sent a letter to the chairman of the BSFIC last week regarding repayment of loan installment but the BSFIC yet to respond, the letter read.

As per the letter, the last date of repayment of loan has already expired on September 30. The amount of classified loan stands at Tk 5611.9 million out of total loan of Tk 8788.4 million as on September last.

After rescheduling the loan of 2007 to 2012, the BSFIC borrowed further loan worth Tk 3072.5 million in September 13, according to the letter. The letter also said the image of the corporation will be tarnished because the BSFIC authority has failed to repay any installment of the rescheduled loan.

News: The Daily Sun/Bangladesh/27-Nov-12

Iqbal Mahmood, Senior ERD Secretary, and Ellen Goldstein, WB Country Director in Dhaka, exchange documents after signing an agreement at ERD office in Dhaka Monday.

The World Bank will provide US$ 70 million in loan to Bangladesh for ICT expansion and employment generation.

A financing agreement between the global lender and the government was signed yesterday to implement the Leveraging ICT for Growth, Employment and Governance Project aiming to create an estimated 30,000 direct jobs in the IT and ITES sectors.

Senior Secretary of Economic Relations Division (ERD) Iqbal Mahmood and the WB Country Director Ellen Goldstein struck the deal on behalf of their respective sides.

The project will also open an avenue to create up to 120,000 indirect jobs, and increasing IT and ITES industry revenue by over $200 million, officials said.

“The project would directly benefit 30,000 youths who will gain marketable and globally recognised IT and ITES skills. Among them, 9,000 will be women,” said Ellen Goldstein.

“Bangladeshis will benefit from increased incomes due to upgrading of and enhanced employment opportunities in a growing global IT industry,” she added.

The project will also establish basic e-government foundations to support governance reforms and significantly improve the government’s efficiency and effectiveness.

Specifically, the proposed technology foundation will enable all ministries and agencies to host their systems and information on a shared datacenter; exchange information and collaborate using standardised frameworks; and protect data through information security policies and standards.

The credit from the International Development Association (IDA), WB’s concessionary arm, has a maturity period of 40 years with a 10-year grace period. There will be a service charge of 0.75 percent.

Studies indicate that Bangladesh possesses significant comparative advantage in the IT and ITES industry due to the availability of a large English-educated talent pool and competitive labor costs.

News: The Daily Sun/Bangladesh/27-Nov-12