Li Jun

The newly-appointed Chinese Ambassador in Bangladesh said Monday his country will consider participating in the Padma Bridge project only when they get a formal proposal from the government.

"We will consider the matter, if Bangladesh puts forward a formal proposal to construct the Padma Bridge," Li Jun told the journalists while responding to a question at a 'meet the press' programme at the National Press Club (NPC).

Mr Li, however, said Bangladesh and the WB should first resolve their problems involving the issue.

"It is very important for Bangladesh to cooperate with the WB. The WB has made great contribution towards the country's development. I hope Bangladesh will be able to resolve their dispute with the WB."

NPC President Kamaluddin Sabuj, General Secretary Syed Abdal Ahmed, and former presidents Shawkat Mahmud and Khondker Monirul Alam, among others, spoke on the occasion.

The NPC-organised event was moderated by a senior diplomatic correspondent Zahirul Alam.

The comments of the Chinese envoy came following a stalemate over disbursement of pledged fund by the World Bank (WB) for the US$2.9 billion Padma Bridge project.

The WB's delay in loan disbursement also prompted Bangladesh to seek Malaysian assistance in constructing the bridge under public-private partnership (PPP).

On mutual trade and investment between Bangladesh and China, he said trade relation between the two countries has been gradually increasing.

"The volume of bilateral trade in the fiscal 2010-11 was US$8.2 billion. Bangladesh's export volume to China has also increased significantly."

He said the Chinese government will do its best to enhance the economic cooperation between the two countries, and continue to encourage Chinese entrepreneurs to invest in Bangladesh.

Mr Li suggested the Bangladesh government to ensure uninterrupted supply of gas and electricity for improving the country's investment scenario.

"Bangladesh has a fairly good investment environment and abundance of workforce. Labour cost in this country is fairly low. If the government can further improve the investment environment, particularly by ensuring proper supply of power and gas, this country will become an ideal place for Chinese investment and industrial relocation."

The Chinese envoy said construction of the proposed deep seaport could help Bangladesh become an important economic hub in the region. The Chinese entrepreneurs are interested to participate in the seaport construction project.

On regional connectivity between Bangladesh and China through Myanmar, he said the connectivity could ensure economic growth and thus make the people of the region benefited.

"Our relationship is very good. China considers Bangladesh a very important country in South Asia. Development of the country is important for China."

Asked whether any improvement in Indo-China relationship would affect the Bangladesh-China ties, he said, "It will not do any harm to Bangladesh-China relationship. My priority is to encourage further cooperation and development of our bilateral relationship."

"I'm confident that with our joint efforts, the closer and comprehensive partnership of cooperation between China and Bangladesh will be further consolidated and developed. China-Bangladesh relationship will be brought to a new height and bring tangible benefits to the people of the two countries."

Responding to a query whether China would build dam on the river Brahmaputra, the envoy said his country is exchanging information with the neighbouring countries on ways to prevent recurrent floods.

China is also cooperating with other countries to deal with the adverse impact of climate change, Mr Li added.

Financial Express/Bangladesh/ 20th March 2012

A total of eight new commercial banks, including three non-resident Bangladeshi (NRB) banks, may get approval at the next board of directors' meeting of Bangladesh Bank, sources said.

The meeting is likely to be held on March 27 for taking the final decision on allowing new private commercial banks (PCBs).

Sources close to the decision-making level, however, did not mention the names of all the new scheduled banks, but they hinted that the whole thing would be based on the desire of the "high-ups in the government".

Names of the three proposed NRB banks -- NRB Commercial Bank Limited, NRB Bank Limited and NRB Bank Limited -- were placed before the board on March 15 for approval, but no final decision was taken at that meeting.

"The country will receive around US$ 150 million as paid-up capital, in aggregate, from the NRB banks if the board gives them its approval," a source said, speaking in favour of allowing the three NRB banks.

The foreign currency thus obtained will help improve the country's foreign exchange reserve position, he said, adding that the NRB banks would also help in attracting foreign direct investment (FDI), particularly from the NRBs across the world.

"We're now working on holding another board meeting by the end of this month," an executive director of Bangladesh Bank (BB) told the FE, adding that the board would take the final decision on approval of the new banks, both PCBs and those involving NRBs.

The BB executive director did not specify the number of banks to be approved at the board meeting.

Meanwhile, the preliminary scrutiny of all 16 applications selected for establishing the new PCBs was almost completed Monday, another central bank official said.

A four-member technical evaluation committee, headed by general manager of the Foreign Exchange Policy Department of Bangladesh Bank -- Ahmed Jamal, was earlier formed to examine the primarily selected applications from persons seeking to set up new PCBs.

"The technical evaluation committee will submit a report with scores of all applications to the application evaluation committee within a couple of days for giving it a final shape," the central bank official said.

Another four-member separate application evaluation committee, headed by Senior Deputy Governor of BB Abul Quasem, has already been formed to finalise the evaluation report on the applications.

"The report relating to the setting up of new commercial banks will be placed before the next board meeting for final approval," the BB official said without elaborating.

Earlier, 37 applications were submitted with the central bank for setting up new PCBs. Of them, 21 were rejected by a preliminary committee due mainly to the lack of necessary papers and documents.

Currently, a total of 47 commercial banks are in operation in Bangladesh.

Financial Express/Bangladesh/ 20th March 2012

Dutch-Bangla Bank Limited (DBBL) has declared cash dividend at 40 per cent for general public shareholders and foreign sponsors and shareholders for the year 2011. It, however, excludes local sponsors.

The dividend was approved at the 16th Annual General Meeting (AGM) of the Bank on Monday at Sonargaon Hotel in Dhaka, says a press release.

Chairman of DBBL Foundation and the Bank’s founder chairman M. Sahabuddin Ahmed, executive committee chairman Sayem Ahmed, directors, Md. Fakhrul Islam, Dr. Irshad Kamal Khan, Dr. Syed Fakhrul Ameen, Chowdhury M. Ashraf Hossain, managing director K S Tabrez and company secretary Md. Monirul Alam FCS were also present.

The Daily Sun/Bangladesh/ 20th March 2012

Zainul Haque Sikder, Chairman of National Bank Limited, presides over the 29th AGM of the Bank at the Bangabandhu International Conference Centre at Sher-e-Bangla Nagar in the city yesterday.

National Bank Limited has declared 65 percent stock dividend for its shareholders for the year ended December 31, 2011.

The approval was given at the 29th Anuual General Meeting (AGM) of the Bank held at Bangabandhu Internat ional Conference Center in the city yesterday.

Zainul Haque Sikder, Chairman of the Bank presided over the meeting. A large number of shareholders attended the AGM, said a press release.

The Daily Sun/Bangladesh/ 20th March 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