The World Bank’s new Country Assistance Strategy (CAS) for Bangladesh for FY 2011-14 is aimed to reduce poverty from 40 to 15 per cent and help transform Bangladesh into a middle-income country by 2021. “The CAS supports the country’s ambitious aspirations to reduce the poverty rate from 40 to 15 per cent and achieve middle- income status by 2021,” read the CAS, released here recently. The CAS builds on Bangladesh’s surprisingly strong track record on growth and human development over the past decade, it said. A WB spokesman told the agency today that the CAS has four pillars in which infrastructures, power and gas, climate change, water management, human resources development, education and healthcare facilities have been given priority. The WB financing for Padma Multi Purpose Bridge, the largest ever project of the government, which is likely to be approved by the board of the bank on Jan 25, is in the pillars, said the WB source. The WB will provide US$ 1.2 billion for the Padma Multipurpose Bridge. The WB would also provide additional financing of 300 million US dollars if the construction cost is scaled up. The country has grown by nearly six per cent per annum, significantly reducing poverty while staying on track to achieve Millennium Development Goals (MDGs) related to infant and child mortality, gender equality and school enrolments. The CAS proposes record levels of technical and financial support, including IDA lending of more than $ 6 billion in the coming four years based on continued strong country performance. “The new country assistance strategy proposes a doubling of financial support for Bangladesh relative to the FY06-09 strategy,” Ellen Gold-stein, World Bank Country Director for Bangladesh, said earlier. She added, “To deliver this higher volume of support more effectively, we will work with government to shift to larger, more strategic interventions that enhance selectivity and leverage priority reforms and investments. We will seek to scale up projects and programs that have demonstrated results and a high degree of country ownership.” For more sustainable growth, Bank strategy will include for the first time a priority to reduce vulnerability to the effects of climate change by increasing investments in water resources management, agricultural adaptation, environmental protection and disaster preparedness.

News: The Independent/ Bangladesh/24- Feb-2011

Eastern Bank Ltd (EBL) recently introduced "EBL Junior", a savings account for students, to bring the young generation under banking umbrella and help them learn the benefits of savings.

EBL Managing Director and CEO Ali Reza Iftekhar formally launched the new product of the bank at function at RAJUK Uttara Model College yesterday, said a press release.

The students, aged between 11 and 17 years, can open this account at any EBL branches jointly with their parents.

The account comes with internet banking, ATM and cheque book facilities which need to be operated by the parents only, the statement added.

EBL Junior offers 6 percent interest on daily balance to be paid semi-annually. This will help the fund in the account grow at a faster rate than the conventional savings account.

Principal of RAJUK Uttara Model College Colonel A.S.M. Mushfiqur Rahman, EBL Deputy Managing Director Muklesur Rahman, EBL Head of Branches Mohammad Musa, Head of Liability Saidul Amin, Head of Brand and Marketing Ziaul Karim and several senior EBL officials also attended the program.

News: daily sun/ Bangladesh/24- Feb-2011

AB Bank initiated a three-day training program on "Orientation Course on Islamic Banking" for its officers at the bank's head office in the city on Tuesday.

A total of 15 officers from different branches of the bank are participating in the program, said a press release.

The objective of the training is to familiarise the participants with the Islamic Banking concept, objectives and features of Islamic economics, banking and finance, the news release added.

M. Wahidul Haque, chairman AB Bank Limited, inaugurated the training program where the bank's President and Managing Director Kaiser A. Chowdhury and other management committee members were present.

News: daily sun/ Bangladesh/24- Feb-2011

Finance Asia, one of Asia’s leading magazines covering the banking industry, has named Citi as the Best Bank in Asia Pacific for 2010. The award marks the second year in a row that Citi has picked up the prestigious award and the twelfth time since it was first handed out thirteen years ago. The award is decided by the editorial team of Finance Asia.
Stephen Bird, CEO of Citi Asia Pacific received the award on behalf of Citi’s 50,000 employees in the region at the awards dinner in Hong Kong recently, says a press release here.  In the editorial write up to announce the award, Finance Asia said “Citi continues to expand and grow and also helped Asia Pacific clients raise US$160bn from the international capital markets in 2010. Its global franchise that flows through the emerging markets also helps multinationals expand internationally”
 Citi also picked up the best Commercial Bank, best Private Bank and best Cash Management Bank award in Asia Pacific from Finance Asia for 2010. Citi-led transactions also received wide recognition including deal of the Year and Best IPO, Best Mid-cap Equity Deal, Best Investment Grade Bond, Best High Yield Bond, Best Sovereign Bond and Best Deals in the Philippines and Vietnam.

News: The Independent/ Bangladesh/23- Feb-2011

Bangladesh Bank (BB) is set to begin with the second phase of financing different infrastructure projects under the Investment Promotion and Financing Facility (IPFF) Project, responding to huge demand.

The second phase financing will be worth about $300 million in infrastructure projects. Of the amount, the World Bank will provide $250 million. In the first phase, $57.5 million has been provided.

Finance Minister AMA Muhith launched the second phase of the IPFF project at a function at Dhaka Sheraton Hotel yesterday.

The first phase financed seven power projects which are now generating 178 megawatts of electricity.

The seven power plants were financed through Dutch-Bangla Bank Ltd, Dhaka Bank, Eastern Bank, National Credit and Commerce Bank, Prime Bank, Brac Bank, Trust Bank, Mutual Trust Bank, City Bank and seven non-bank financial institutions.

BB Governor Atiur Rahman said the second phase will finance a wider range of physical infrastructure projects other than power generation units.

Lauding the role of WB in promoting development efforts, Rahman said: “We are looking forward to further support and assistance in BB's efforts to bring into financial markets newer modes of mobilising long-term savings for long-term project financing."

In the sixth five-year-plan, the government has set a target of investing $13 trillion, of which $3 trillion investment will be made through the public sector, Muhith said.

He also said the $10 trillion to be invested through the private sector is a big challenge. The projects will help achieve the investment target, he said. Besides, Muhith said, the government is trying to stabilise the stockmarket to mobilise future investment.

News: The Daily Star/ Bangladesh/23- Feb-2011