The World Bank (WB) is likely to provide US $172 million more to raise the number of solar power users and lend further support to the ongoing Rural Electrification and Renewable Energy Development project, WB sources told The Independent on Monday. At present Bangladesh has 11 lakh solar energy users.
WB will provide financial support to the energy and infrastructure financing firm, Infrastructure Development Co Ltd (IDCOL), which will install a testing laboratory, solar energy systems and other support facilities to popularize the use of renewable energy.
The Economic Relations Division has recently completed negotiations with the WB in this regard.
“Such funds are needed to support Bangladesh's efforts to raise levels of social development and economic growth by increasing access to electricity in rural areas," WB energy specialist Zubair K M Sadek said.
He said it would also help finance the scaling up of the project's renewable energy components, which are improving off-grid electricity supply in rural areas through the installation of Solar Home Systems (SHSs).
According to Zubair, the Bangladesh SHS project is the largest of its kind in the world and the WB is providing funds at a cheaper rate than those for other countries.
“We want to install the SHSs where Rural Electrification Board (REB) has not gone to supply power. We are giving a subsidy of $28 for each SHS in Bangladesh and the cost of installing an SHS is $430 for generating 50 Watt of electricity, while the same  costs $800 in an African country,” Zubair said.
Zubair further said the WB wanted to contribute to sustainable development through the provision of renewable solar electricity to households.

News: The Independent/ Bangladesh/ Aug-30-2011

Dutch-Bangla Bank and ICB Islamic Bank Limited signed an agreement for installation of co-branded ATM booths at the branch premises of ICB Islamic Bank in the city yesterday.K S Tabrez, managing director of Dutch-Bangla Bank and Mamoon Mahmood Shah, managing director and CEO of ICB Islamic Bank, signed the agreement on behalf of their respective organisations, said a press release.

Under the agreement, DBBL will install ATM booths at the premises of ICB Islamic Bank branches from which, customers of both the banks and other partner banks of DBBL will be able to withdraw money and get other banking services.

Among others, Md. Sayedul Hasan, Khan Tariqul Islam and Md. Mosaddiqur Rahman, deputy managing director of DBBL and Engr. Rafiqul Islam, senior vice president and head of information technology, Arif Ahmed, senior assistant vice president and head of alternative delivery channel and cards of ICB Islamic Bank and other senior executives of both the organisations were also present on the occasion.

News: Daily Sun/ Bangladesh/ Aug-30-2011

Rajshahi Krishi Unnayan Bank (RAKAB) presented Eid Gift to 100 wounded and non-well off freedom fighters and disable persons through a formal function at Shilpakala Academy Auditorium here on Saturday noon. Cultural Affairs Secretary of Central Committee of Bangladesh Awami League Asaduzzaman Noor MP was present at the function as Chief Guest and handed over the gifts to respective persons.
Chairman of RAKAB Prof Dr M Shah Newaz Ali was present as special guest at the function and General Manager of Rangpur Division of RAKAB SM Shamsul Alam presided.
Mayor of Nilphamari Pourashava Dewan Kamal Ahmed, UNO of Nilphammari Upazila Kawser Nasrin and local Awami league leaders were present at the Eid gift handing over function.
Eid gift includes Lungi, Saree, Sugar, Semai, Powder Milk and cash Taka one hundred.

News: The Independent/ Bangladesh/ Aug-29-2011

Bangladesh Bank governor Dr Atiur Rahman said the removal of professor Muhammad Yunus as the chief executive of Grameen Bank (GB) won't affect the microfinance pioneer bank as the government has launched a head-hunt for a competent new CEO. "The government is in the process of appointing a capable new CEO for the Grameen Bank with the help of a search committee comprising of reputed international persons," said Dr Atiur.
He was speaking as the chief guest on Thursday at the report launching ceremony of 'Bangladesh Microfinance Review' by BRAC Development Institute (BDI), BRAC University at the BRAC Centre Inn in the city.
Professor Yunus, who founded Grameen Bank in 1983 and transformed it into the world's largest micro-lender with over eight million borrowers, 97 per cent of whom are women, was sacked unceremoniously by the central bank as the GB CEO in March.
The removal led to a protracted legal battle between Yunus and the government, prompting many to express concern about the future and the financial health of the partly state-owned bank. But the governor, however, ruled out any move to undermine the bank, saying the performance of the Grameen Bank has not been and will not be left to founder following the departure of Yunus.
"With a delegated structure of operational management the GB retains firm footing as one of the country's top three microfinance providers," he added.
The governor asked the micro-lenders to adapt to new technology and use mobile banking system in an effort to cut their bloated operational cost.
He said the government has developed draft guidelines to ensure a level playing field for mobile phone banking, aimed at achieving the country's financial inclusion targets.
Mr Atiur stressed cushioning poor households against most common types of shocks such as deaths and crop losses, which often cruelly reverse the steady gains made by hard-working men and women.
He said regulatory oversight is needed for the overall conducive environment for micro-finance.
"Bangladesh has achieved scale in microcredit in an unprecedented manner and one of the reasons it has managed to do so relates to the relatively light touch regulations that the industry faces," he said.
"We have set up the Micro-credit Regulatory Authority (MRA) to achieve this balance and we aim to strengthen its capacity to achieve these goals."

News: The Independent/ Bangladesh/ Aug-27-2011

Renowned banker M Fariduddin Ahmed has joined Exim Bank as the managing director. Prior to his new assignment, he was the head of Islamic Banking Division of AB Bank Ltd. Ahmed started his banking career in Sonali Bank. He served in that Bank as branch manager, faculty member of Staff College, head of electronic data-processing department and other departments of that bank for several years. Later on, he joined Islami Bank Bangladesh Limited on the date of its launching on August 30, 1983 and played a key role in the development of Islamic banking systems and procedures. He also contributed a lot in devising and introducing Islamic banking accounting systems & the principles of distribution of profit to various participating fund. He also edited the Investment Manual for financing under Islamic principles.

News: The Independent/ Bangladesh/ Aug-27-2011