The New Nation - Internet Edition

Agency

During fiscal year 2007, ending June 30, the World Bank Group (WBG) commited US $34.3 billion in loans, grants, equity investments, and guarantees to its members and to private business in its member countries, up $2.7 billion (7.8 percent) from fiscal year 2006. The recipients are using these funds in more than 620 projects designed to overcome poverty and enhance growth - for example, by improving education and health services, promoting private sector development, building infrastructure, and strengthening governance and institutions.

The WBG institutions contributing to this financial outcome are: the International Bank for Reconstruction and Development (IBRD), which provides financing, risk management products, and other financial services to members; the International Development Association (IDA), which provides interest-free loans and grants to the poorest countries; the International Finance Corporation (IFC), which makes equity investments, and provides loans, guarantees and advisory services to private-sector business in developing countries; and the Bank Group's political risk insurance agency, the Multilateral Investment Guarantee Agency (MIGA).

IDA commitments were $11.9 billion, 25 percent higher than the previous year, and the highest in IDA's history. IBRD commitments in FY07 totaled $12.8 billion. IFC commited $8.2 billion for private sector development in developing countries, an all-time high, which topped last year's total by $1.5 billion - $3 billion of the total, went to IDA countries. Of MIGA's $1.4 billion in guarantees, $387 million went to projects in IDA countries. MIGA's exposure in IDA countries now stands at 41% of its portfolio.

In addition, IBRD carried out $5.4 billion in interest rate and currency risk management transactions on behalf of its members.This is an increase of more than three-fold over totals for the past several years and highlights the expanding portfolio of financial services we offer.

Financial commitments provided by the World Bank Group to the countries of sub-Saharan Africa increased by $1.8 billion in FY07 to $7.5 billion and included a record $5.8 billion in IDA credits, grants, and guarantees to sub-Saharan Africa, (up by $1billion from the previous year); $1.4 billion from IFC for private sector development projects, (double last year's effort); and $311 million in MIGA guarantees for projects in the region, up $131 million from 2006.

MIGA Executive Vice President Yukiko Omura said, "Supporting investments into sub-Saharan Africa continues to be a priority for MIGA. Since the agency's inception in 1988, we have issued $2.3 billion in guarantees in support of projects in 27 countries in the region. In fiscal year 2007, MIGA provided guarantees ranging from support to a micro-credit institution in Cameroon to backing a large telecommunications project in Guinea."

bdnews24.com, Dhaka

Asian Development Bank (ADB) on Sunday said that the anti-corruption drive should in no way destabilise economic stability.

"We should also try to mitigate any repercussion from any big corruption drive. We have to make sure that the [macro-economic] stability is maintained and the economy is not hurt by any of the short-term measures," Hua Du, ADB's country director, told reporters.

She made the remarks at a meeting with foreign adviser Iftekhar Ahmed Chowdhury at the foreign ministry.

The ADB director said success in fighting corruption could not be achieved overnight or over a few months or even a few years. She said the fight should be considered as long-term objective.

Iftekhar told reporters that the ADB was providing a soft loan of US $150 million in technical assistance to fight corruption.

"An inter-ministerial commitee, headed by the foreign secretary, has been formed to find out the gap between the country's anti-corruption measures and the UN convention against corruption since Bangladesh is a signatory to the UN convention," Iftekhar said.

He told bdnews24.com that the foreign ministry would develop an action plan in the line with the UN convention for fighting corruption.

An inter-ministerial meeting within six months would find out the gaps, said the foreign adviser.

"We have discussed how the ADB's assistance can be used to find out the gaps," Iftekhar said.

UNB, Dhaka

An international workshop titled " Dynamics of Food and Cash Transfers: Policy Discussion on the Results of the Food and Cash Efficacy Study" will be held at Hotel Sheraton Monday.

World Food Programme (WFP) in collaboration with the government and DFID is organizing the workshop on the relative merits of food and cash transfers in alleviating extreme poverty in Bangladesh.

High-level representatives from headquarters of WFP and IFPRI, development partners, donor agencies, government and NGO officials including eminent and foreign researchers will take part in the workshop, said a press release.

In an effort to examine the efficacy of food and cash transfers in enhancing food security and livelihoods of the ultra-poor in rural Bangladesh WFP commissioned IFPRI (The International Food Policy Research Institute) to conduct the study.

The workshop will disseminate major findings of the study, the release added.

Islami Bank Bangladesh Limited and NK Placid Corporation signed an agreement on instant cash service at a simple ceremony held at the Placid NK Corporation's head office in USA. Mohammad Abdul Mannan, Deputy Executive President and Head of International Banking Wing of Islami Bank Bangladesh Limited and Kamal U Ahmed, President of Placid NK Corporation set their hands on the document in favor of their respective sides.

According to this agreement the recipients will now be able to receive the fund sent by the expatriates in the USA from any Branch of Islam Bank without opening any account therewith.

Islami Bank Bangladesh Limited so far signed instant cash agreement of this kind with 26 exchange houses around the globe so far.

Mohammad Abdul Mannan, Deputy Executive President of the bank left for the USA to atend the 'Global Leadership Development Programme' organized by International Center for Leadership in Finance.

In his interview with different media including Voice of America (VOA), he focused on the role of the Bangladeshi expatriates in the economic development of the country and the significant contribution of Islami Bank in bringing the hard earned foreign currency of the expatriates into the country through banking channel.

Northern University Bangladesh aorganised a certificate giving ceremony in association with Korea Agency for digital opportunity and promotion (KADO) among the participants of advance computer training programme on held the NU campus.

Professor Dr M. Shamsul Haque, Vice-Chancellor of Northern University was present as the chief guest of the programme. Prof. M. A. Razzaque, Head, Department of Business Administration, presided over the ceremony while Md. Lutfor Rahman, Director, Human Resources Division was the special guest The Korean Internet Volunteers teem were present on the occasion.

Prof. Dr. M. Shamsul Haque stressed on the need of facing global challenges by creating themselves with modern education, science and technology.

Prof. M A Razzaque, Head of the Department of Business Administration, expressed the objective of the training to get acquaint and to cope with global job market for gaining the requirements of science and technology of job hunting technique and process.

UNB, Dhaka

The Ministry of Foreign Affairs sought US$ 150 million in ADB support for good governance in the country, in line with a UN convention.

Foreign Adviser Dr Iftekhar Ahmed Chowdhury made the request during a meeting with Country Director of the Asian Development Bank Hua Du at his office here Sunday.

While speaking to the media following the meeting, the Foreign Adviser said, "We are looking to a US$ 150 million ADB support for good governance which includes the implementation of the UN Convention on anti-corruption that we have signed."

The Foreign Ministry will coordinate an inter-ministerial commitee to find out the gaps that need to be addressed in terms of domestic measures so that the government is able to fulfill the conditions of the Convention, he said.

The Country Director of the funding agency said that the ADB would continue to "vigorously support" the caretaker government's activities in this respect

Islami Bank Foundation (IBF) awarded scholarship to the 25 brilliant students of different Quomi Madrashas under its education programme in a function held at the board room at Islami Bank Tower on Thursday. Principal Moulana Zainul Abedin, Vice Chairman, Board of Directors, Islami Bank Bangladesh Limited was present in the function as the chief guest Moulana Muhiuddin Rabbani, Muhaddis of Madrasah Faizul Ulum at Azimpur, Dhaka, Moulana Md Shahjahan, Principal, Madrasha-e-Mesbahul Ulum, Dhaka, Moulana Anwar Hossain, Principal, Maddhya Badda Kamil Madrasah and Molla Salahuddin Ahmed, Assistant Vice President & In charge of Islami Bank Foundation atended the function, among others.

Principal Moulana Zainul Abedin called upon the participants not to confine themselves within the Madrasah compound but to make themselves compatible with modern world through acquiring the latest knowledge including Islamic economics. He urged the Islamic scholars to work untidily for the development of the country and to present the ideology of Islam to the mass people of the country.

The students atending the function said that it was a great honour for the students of Quomi Madrashas to receive scholarships from Islami Bank Foundation.

Kidney Foundation organised a seminar to mark the 1st year of kidney transplantation held at the foundation's hospital building at Dhanmondi, Dhaka recently. Eminent Child Specialist & National Professor M.R. Khan was present as the chief guest while Additional Managing Director of Dutch-Bangla Bank AHM Nazmul Quadir was the special guest Prof. Dr. Harun-Ur-Rashid, President, Kidney Foundation presided over the seminar.

It is noteworthy that two operation theatres and a kidney transplantation I.C.U. were set up in Kidney Foundation in 2006 for reducing the sufferings of the poor kidney failure patients with the financial assistance of Dutch-Bangla Bank amounting to Tk. 9.00 million.

Professor M. R. Khan lauded the DBBL's contribution to education, social and health-care programme as saying that such contribution made the said bank different and called upon others to come forward with such programmes.

AHM Nazmul Quadir said that DBBL, over and above its regular financial activities, always reached to the destitute and helpless people of the country by way of carrying out a wide range of philanthropic activities and hopes that this cooperation will be extended in future.

Among others, Amanullah Khan, Chairman of UNB, Eminent Urologists Prof. M. A. Salam, Dr. Shahidul Islam Dr. Mozammel Hossain Khan, Medical Consultant of Dutch-Bangla Bank, also spoke at the seminar.