The central bank has taken an initiative to set up e-payment gateway to expand internet banking and e-commerce in the country, said its chief Atiur Rahman yesterday.

"I hope the e-payment gateway will start functioning in the first quarter of 2013," Bangladesh Bank governor said.

He spoke while inaugurating the 'Easy Pay' system of ICB Islamic Bank under Bangladesh Electronic Fund Transfer Network (BEFTN) in the capital.

He said inter operability among the terminals of automated teller machine and point of sales will be ensured across the country through this e-payment gateway, and it will help expand e-commerce in the country.

"The recent progress in the payment system is part of the central bank's sincere efforts to ensure the development of the country's banking sector," he said.

He said clients now can transfer funds safely and quickly at affordable cost under the BEFTN.

Source: The Daily Star/ Bangladesh/ 9th Dec 2011

The Asian Development Bank (ADB) yesterday awarded its three best performing project teams in Bangladesh in recognition of their effective scheme implementation, results delivery and transparency in procurement for 2011.

The winning project teams are Second Urban Governance and Infrastructure Improvement Project, executed by Local Government Engineering Department (LGED); Teaching Quality Improvement in Secondary Education Project, executed by the Directorate of Secondary and Higher Education; and Jamuna Meghna River Erosion Mitigation Project, executed by Bangladesh Water Development Board.

The best project recognition programme, initiated in 2001, is part of an ongoing effort by ADB to continuously improve the development effectiveness of the projects that the Manila-based lender finances in the country.

ADB's Country Director Thevakumar Kandiah handed over the prizes to the winning project teams at a ceremony at its office in Dhaka.

"The awards were given recognising the project teams' excellence in efficiency, results delivery, transparency in procurement, effective project implementation, and efforts to empower women, and other criteria," said Kandiah.

The Second Urban Governance and Infrastructure Improvement Project, which ADB is supporting with $87 million in concessional loans, is helping selected municipalities to enhance accountability, strengthen capabilities, and develop and expand physical infrastructure and urban services to increase economic opportunities.

The Teaching Quality Improvement in Secondary Education Project, which received around $69 million in concessional loans from the bank, is helping the government reform and modernise the secondary education teacher training system in Bangladesh.

The Jamuna Meghna River Erosion Mitigation Project, with $42.2 million in ADB soft loans, helped sustain and enhance the incomes and poverty reduction of around 2.5 million people through reliable, cost-effective and sustainable riverbank erosion mitigation measures to adapt to the morphological processes of the Jamuna and the Meghna rivers.

As one of the major development partners of Bangladesh, ADB is currently supporting a wide range of development programmes under 55 government projects worth around $5.6 billion.

Source: The Daily Star/ Bangladesh/ 9th Dec 2011

Bangladeshi nationals going abroad for employment, immigration or self-employment can now open private foreign currency accounts without initial deposits, the central bank said yesterday.

The accounts can be opened in authorised dealer banks by Bangladeshi nationals working or residing abroad, foreign nationals residing abroad or in Bangladesh, foreign missions and their expatriate employees, Bangladesh Bank said in a statement.

Foreign firms registered abroad and operating in Bangladesh or abroad, Bangladeshi nationals working in foreign or international organisations in Bangladesh eligible to receive salary in foreign currency will also be allowed to open such accounts. No prior approval from the central bank is required to open such account, it said.

The accounts opened by non-resident Bangladeshis may be maintained as long as the accountholders desire even after their return. Accountholders may operate the accounts themselves or nominate other persons in Bangladesh for this purpose.

Remittance from abroad through banking channel may be sent to these accounts. These accounts may be credited with transfer of fund from other foreign currency accounts.

Besides, foreign currency brought into Bangladesh in cash by the accountholder while on visit may be deposited in such account. The foreign currency deposited in this account is freely convertible into taka. The deposited foreign currency may easily be sent abroad through banking channel.

Source: The Daily Star/ Bangladesh/ 9th Dec 2011

Sabera Aktari Jamal was recently promoted to deputy managing director (DMD) of Uttara Bank Limited (UBL).

Prior to her promotion, she was the executive general manager of the Bank, said a press release.

She started her banking carrier as probationary officer and performed several divisions of the Bank as head and branch manager.

She also was the faculty member of Bangladesh Institute of Bank Management and UBL Training Institute.

She completed her BA (Hon’s) degree in 1980 and MA in 1982 from the University of Chittagong.

Source: The Daily Sun/ Bangladesh/ 8th Dec 2011

The Asian Development Bank yesterday unveiled its partnership strategies for Bangladesh that it will help the government cut poverty by 10 percentage points by 2015.

The Bangladesh Country Partnership Strategy (CPS) 2011-2015 supports Bangladesh's development goals for boosting investment to 32.5 percent of gross domestic products and tripling investment in infrastructure to 6 percent of GDP by 2015, said the ADB local office in Dhaka.

The targets also include reducing poverty headcount ratio by 10 percentage points by 2015 from 31.5 percent in 2010, said Thevakumar Kandiah, country director of ADB Bangladesh Resident Mission.

Under the CPS, the ADB will provide around $4.5 billion to Bangladesh up to 2015 to help the country face development challenges in areas of energy, transport, urban development, education, agriculture and natural resources and finance.

Of the amount, $2.4 billion will be provided under the concessional Asian Development Financing and $ 2.1 billion as Ordinary Capital Resources. Bangladesh will also receive technical assistance of about $9.6 million per year, said Kandiah.

His comments came at the launching of "Bangladesh Country Partnership Strategy (CPS) 2011-2015" at Sonargaon Hotel in Dhaka.

The CPS is an outcome of elaborate consultation with stakeholders, including the government, development partners, civil society, academia and the private sector, said Kandiah. "The CPS is closely aligned with Bangladesh's Sixth Five-Year Plan, and the strategy builds on ADB's long operational experience in key sector in Bangladesh."

The Manilla-based lender has committed to provide project and programme assistance of about $900 million per year during 2011-15.

"ADB will also provide significant technical assistance for building institutional capacity and preparing good quality projects. The resources will be supplemented by climate investment funds, other climate change initiatives, and efforts to mobilise additional funding for sub-regional initiatives," said Kandiah.

He said Bangladesh has to introduce further reforms including expediting the project implementation to achieve its targets outlined in the Sixth Five-Year Plan. "Project start up delays need to be reduced, DPP/TPP approval has to be quickened, and project readiness ensured. Procurement and resettlement practices need to be improved."

Finance Minister AMA Muhith said development partners need to harmonise their strategies with the country's goals for effective, meaningful and fruitful development.

He said almost all development partners have set their strategies in line with the government's development goals and objectives defined in the Sixth Five-Year Plan.

The minister conceded that Bangladesh has no other alternatives but to set some ambitious targets to get out of the vicious cycle of poverty.

Nearly 50 million people or 31.5 percent of the total population still live below the poverty line and Bangladesh is the largest concentration of illiterate people in the world as half of the population does not know "three Rs" that stands for reading, writing and arithmetic. Bangladesh is also positioned at the lowest level of per capita income in the world, he said.

"So, we have no other options but to set our target high to make progress, fulfill our pledges and become a middle income country," said Muhith.

The minister also said Bangladesh needs to work harder to improve in the areas of education, health, infrastructure and good governance. He particularly emphasised upon good governance.

"We also need gender equity and a large scale of employment."

Iqbal Mahmood, secretary of Economic Relations Division, urged ADB to give more power to its country-level office so that it can give decision quickly, thus contributing to cost minimisation and time saving.

The issues such as gender equity, good governance and capacity development, private sector development, regional cooperation, knowledge solutions and partnerships have received substantial focus under the latest CPS, said Zahid Hossain, senior country specialist, ADB.

Source: The Daily Star/ Bangladesh/ 8th Dec 2011