Communications Minister Obaidul Quader and S Samy Vellu, special envoy of Prime Minister's Department of Malaysia, shaking hands after signing a MoU in Kuala Lumpur Tuesday. Malaysian Prime Minister Mohd Najib Tun Razak is also seen behind them.

Bangladesh signed a memorandum of understanding (MoU) with Malaysia in Kuala Lumpur to build a 6.15 km multi-purpose bridge across the river Padma, officials said in Dhaka on Tuesday.

The MoU will also help put in place other related infrastructure projects, they said.

"The MoU was signed by Bangladesh Communications Minister Obaidul Quader and Malaysia's special envoy to South Asia on infrastructure at the Malaysian Prime Minister's Department -- Dato Seri Samy Vellu," a senior official of the Communications Ministry said.

Obaidul Quader left Dhaka for Kuala Lumpur late on Sunday and the MoU was signed on Tuesday as scheduled earlier.

Before boarding a Kuala Lumpur-bound flight on Sunday night Mr Quader said the construction of the bridge was expected to begin in the next 10 months.

He expressed the hope that the next government would complete the construction that could take some four to five years.

During the talks with his designated counterpart, ahead of the signing of the MoU Obiadul Quader was assisted by accompanying officials Iqbal Mahmud, Secretary of the Economic Relations Division, Khandaker Anwarul Islam, Secretary of the Bridges Division and Shafikul Islam, Project Director of Padma Bridge.

"According to the MoU, Malaysia will mobilise the estimated cost of some $2.9 billion for building the bridge either from government fund or from private investors, to build the bridge on Build, Own, Operate and Transfer basis (BOOT)," a statement issued by the Bangladesh high commission in Kuala Lumpur said.

Bernama, Malaysian state news agency, said under the MoU, the Malaysian government will form a consortium of Malaysian companies to implement the project on BOOT basis.

The event at Kuala Lumpur was attended by Bangladesh Prime Minister's Malaysian counterpart Datuk Seri Najib Tun Razak.

After the ceremony both the Prime Ministers exchanged greetings over telephone and termed the occasion a historic one.

According to the MoU, the funding for building the bridge will be decided in the next nine months until when the MoU will remain valid.

"Initially both the governments will take necessary steps to encourage and promote financial and technical cooperation for the purpose of the Padma Multipurpose Bridge project," the Bangladesh embassy statement said.

The MoU mainly aims to cooperation on the planning, development, finance, construction, management, administration and maintenance of infrastructure works on the basis of equity and mutual benefit on agreed terms and condition, the statement said.

It will encourage cooperation, knowledge and technology transfer and partnership between the two countries, it continued.

Both sides will now decide on the terms of reference of building the bridge, which was earlier estimated to cost some $2.9 billion, it has been stated.

"However the building cost is likely to be re-estimated as the cost of building materials and other relevant expenditures have increased in the meantime," an official at the Communications Ministry said.

Facts and data concerning such as how many years would be needed to build the bridge, what would be the rate of tolls and how and at what proportions the tolls would be shared by the relevant authorities of the two countries would be determined after the MoU, the official said.

Bangladesh accepted Malaysian offer of funding the bridge last October after the World Bank (WB) suspended delivery of its committed fund of $1.2 billion over alleged irregularities in the bidding process for the bridge.

The WB, probing the alleged irregularities in the bidding process for the bridge, has temporarily barred a unit of SNC-Lavalin, a big Canadian engineering company, from bidding in the Bank's new projects.

Besides the World Bank, the Asian Development Bank (ADB) had confirmed $615 million, Japan $420 million and the Islamic Development Bank (IDB) $140 million for the bridge across the river Padma.

Financial Express/Bangladesh/ 11th April 2012

Bank Asia and Hajj Agencies Association of Bangladesh (Haab) on Monday signed a memorandum of understanding (MoU) on receiving Hajj fees from Haab and its members and help them with withdrawal of the deposited money from the Kingdom of Saudi Arabia for making payment of house rent and other approved costs, says a press release.

Under the agreement, the Haab and its member agencies will open accounts and obtain transaction services across all the branches of Bank Asia and use the Bank’s services for receiving Hajj fees and remittance processing to Saudi Arabia (Mecca), as per foreign exchange guidelines of Bangladesh Bank.

The Bank will issue Visa and Master card debit/credit to Haab members without any membership fees and maintain their accounts with the Bank. The Haab will also enjoy prepaid Hajj Card facility without any charge.
In presence of Md Mehmood Husain, president and managing director of the Bank, Mohammed Roshangir, deputy managing director and chief business officer (Corporate) of the Bank and Jamal Uddin Ahmed, president of Haab, signed the agreement on behalf of the respective sides.

Deputy Managing Directors of the Bank--Aminul Islam, SM Khorshed Alam and Humaira Azam, along with  Sajjad Haider, senior vice president and head of corporate liability marketing and Abdur Rouf Bhuiyan, first assistant vice president, corporate liability marketing and vice president of Haab Golam Kibria and finance secretary Mozammel Hossain Kamal among others, were present.

The Independent/Bangladesh/ 10th April 2012

Eastern Bank Ltd (EBL) and Navana Ltd, a brand automobile distributors of the country, have signed a MoU in the city recently, says a press release. Muklesur Rahman, deputy managing director of EBL, and Saiful Islam Shumon, senior vice-chairman of Navana Ltd, signed the MoU.

Ali Reza Iftekhar, managing director and chief executive officer of EBL, was present.Under the MoU, EBL will provide up to Tk 20 lakh automobile loan to Navana customers without any processing fee within five working days at a discount than the usual interest rate.

On the other hand, EBL Auto Loan customers will enjoy special discount on various automobiles at Navana showrooms, discount on Navana battery and lubricants and other value added sales and after sales services. Navana CNG will also offer discount to customers.

EBL Auto Loan is repayable within 60 months and with an option of early full and final settlement.Among others, Anwar Hossain, head of asset, Nazeem A Choudhury, head of cards, Towfiqul Alam choudhury, head of NRB, Ziaul Karim, head of brand and marketing from EBL, and J A Nasser, operative director, Hamdur Rahman Simon, head of sales and marketing, from Navana Ltd.

The Independent/Bangladesh/ 6th April 2012

Mohammed H Rashid, Executive Vice President and CFO of Placid Express and MA Yousuf Khan, Deputy Managing Director of Mercantile Bank Ltd, exchange documents after signing an agreement in the city recently.

Mercantile Bank Limited recently signed an agreement with world renowned money transfer company Placid Express.

M A Yousuf Khan, Deputy Managing Director of Mercantile Bank Limited and Mohammed H Rashid, Executive Vice President and CFO of Placid Express signed the agreement on behalf of their respective organisations, said a press release.

AKM Shahidul Haque, Managing Director and CEO and Md Abdul Jalil Chowdhury, Deputy Managing Director of Mercantile Bank Limited, among others, were present.

The Daily Sun/Bangladesh/ 20th March 2012

Agricultural professional organisation National Agricare Group and BRAC Bank signed a Memorandum of Understanding (MoU) recently,says a press release.

Both the institutions have reached to an agreement to conduct agricultural loan among the successful distributor of National Agricare Group.The agreement was signed   by KSM Mustafizur Rahman, managing director of National Agricare Group, and Md Mamdudur Rashid, deputy chief managing director of BRAC Bank.

A S M Ali, financial consultant, Tareq Mahmud, deputy manager (accounts), Md Asrafur Rahman , sales promotion coordinator of National Agricare Group,  and Abdur Rahman, head of SME of  BRAC Bank were also present.

The Independent/Bangladesh/ 19th March 2012