The $175 billion pledge made by the Asian Development Bank (ADB) and seven other multilateral development banks (MDBs) was one of the largest financial commitments coming out of Rio+20, it was announced on Friday at the UN Secretary General's closing press  conference, a press release of ADB said.

"These sustainable transport improvements will benefit billions of people, especially the poor, and support environmental sustainability and reduce greenhouse gas emissions," said Bindu Lohani, ADB's Vice President for Knowledge Management and Sustainable Development at the press conference to showcase voluntary commitments made at Rio+20, on behalf of the eight MDBs.

The MDBs had earlier announced their plan to invest more than $175 billion over the next decade to help improve transport in developing countries.  The new funds will be used to promote all forms of sustainable transport, including public transport; bicycle and walking infrastructure; energy-efficient vehicles and fuels; railways; inland waterways; and road safety. ADB's share of the commitment is $30 billion.

Rapid motorizations together with urbanisation have contributed to increased congestion, air pollution, greenhouse gas emissions, health and social problems, and traffic accidents.

Taken together, the losses attributed to these problems account for more than 10 per cent of  GDP. The transport sector also accounts for nearly two-thirds of total oil consumption in the world. In Asia and the Pacific, rising incomes are doubling motor vehicle fleets every five to seven years.

Motorization is causing Asia's share of the global vehicle fleet to rise - growing from 9 per cent 1980 to 46 per cent by 2030. In some countries, the current trend growth in motor vehicles is almost four times faster than population growth.  In addition, nearly 2,000 people are killed each day in Asia due to traffic accidents.

Transport needs massive investments, particularly in emerging economies. Over the next 10 years, some $2.5 trillion of transport investment is required in developing Asia alone.  Developing countries have the opportunity to leapfrog to a greener future of less motorization, shorter commutes, and more energy efficient transport systems. ADB has long been a supporter of transport, with its operations in the sector typically accounting for a third of its annual lending.

These investments have helped provide basic access to rural communities, link cities together, and promote regional cooperation and integration.

The financial commitment was announced on the opening day of Rio+20 by the African Development Bank, ADB, CAF -  Development Bank of Latin America, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, and the World Bank.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.

Established in 1966, it is owned by 67 members - 48 from the region. In 2011, ADB approvals including co-inancing totaled $21.7 billion.

The Independent/Bangladesh/ 25th June 2012

Akhtaruzzaman Chowdhury, MP and Chairman of UCBL, inaugurates a branch of the Bank at Dhanmondi in Dhaka Sunday.

United Commercial Bank Limited (UCBL) opened its 120th branch at Dhanmondi in Dhaka Sunday.

Akhtaruzzaman Chowdhury, MP and Chairman of UCBL, inaugurated the branch as the chief guest, said a press release.

Kazi Enamul Hoque, Director and M Shahjahan Bhuiyan, Managing Director of UCBL, attended the function.

Shafiqul Alam, M Shahidul Islam and Mirza Mahmud Rafiqur Rahman, AMDs, Mamun-Ur-Rashid, Mohammad Shawkat Jamil and Md Tariqul Azam, DMDs of UCBL and local elites were also present on the occasion.

The Daily Sun/Bangladesh/ 25th June 2012

Hafizul Islam Mian, Director of Islami Bank Bangladesh Limited, inaugurates a branch of the Bank at Charfashion in Bhola Sunday.

Islami Bank Bangladesh Limited has opened its 272nd branch at Charfashion in Bhola.

Hafizul Islam Mian, Director of the Bank Sunday inaugurated the branch as chief guest, said a press release.

Muhammad Abul Bashar, Deputy Managing Director of the Bank, Md. Abdus Salam, Director of IBBL and Monir Uddin Chashi, President, Char-fashion Bazar Business-men Association were present.

AKM Harunur Rashid, Executive Vice President of the Bank and head of Barisal Zone also spoke.

The Daily Sun/Bangladesh/ 25th June 2012

Hafez Alhajj Md Enayet Ullah, Director of Al-Arafah Islami Bank Limited, inaugurates a branch of the Bank at Ruhitpur Bazar in Keranigonj Sunday.

Al-Arafah Islami Bank Limited opened its 92nd branch at Ruhitpur Bazar of Keranigonj area in Dhaka Sunday. Hafez Alhajj Md Enayet Ullah, Director of the Bank, inaugurated the branch as the chief guest, said a press release.

Alhajj Abdul Malek Mollah, Director of the Bank attended the function as special. Ekramul Hoque, Managing Director of the Bank delivered welcome speech in the opening ceremony.

Haji Abdul Ali, Chairman of Ruhitpur UP, Haji Md Salim Ullah, former UP chairman, Md Sarwar Hossain, member, Bangladesh Jute Spinners Association, Alhajj Jalal Uddin Bokul, Chairman of Bakul Rubber and Industries, Engineer Md Habib Ullah, Senior VP, Abed Ahmed Khan, Jalal Ahmed, AVP of the Bank were present.

The Daily Sun/Bangladesh/ 25th June 2012

Industries Minister Dilip Barua said on Sunday that the banking sector has been playing an important role in graduating Bangladesh into a middle income country.

Barua made the statement at the inaugural function of IFIC Bank’s 100th branch at Tejgaon-Gulshan Link Road in Dhaka as chief guest.

He hoped that IFIC Bank would also contribute to the development of banking sector of the country through introducing modern banking services.

Chairman of the Bank Salman F Rahman presided over the function.

Members of the Board of Directors Syed Manjurul Islam and Monirul Islam, eminent lawyer Barrister Rafiqul Haque, Publisher of the daily New Age Shahidullah Khan Badal, the bank’s former officials, noted industrialists and businessmen, among others, were also present on the occasion.

Managing Director of IFIC Bank Mohammad Abdullah, former MD Shawkat Ali Chowdhury, Chairman of Advanced Development Group SM Anwar Hossain and Director of Nina Holdings Junayed Abu Saleh Musa also spoke at the function.

Recalling the scenario of banking sector 29 years back, Salman F Rahman said when IFIC Bank started its journey many people had doubts about its fate, as state-owned banks were dominating the sector. But the situation has now changed as private banks are leading in all aspects, he added.

The Daily Sun/Bangladesh/ 25th June 2012