The New Nation - Internet Edition

AFP, Washington

The World Bank body that aids the poorest countries is gathering donors in Berlin hoping to raise record funds as a result of a growing field of donors, possibly including China.

The International Development Association (IDA) replenishes its coffers, which are mainly funded by the governments of the richer member countries of the 185-nation World Bank, every three years.

The latest fund-raising campaign, the IDA14, was completed in February 2005 and raised 32.5 billion dollars. "We are hopeful we are going to reach a level where we are able to surpass IDA14," a source close to the negotiations told AFP.

Created in 1960, the IDA grants aid and interest-free loans to the world's 80 poorest countries, home to 2.5 billion people, half of the total population of the developing world.

About 1.5 billion people in the currently eligible countries subsist on incomes of two dollars a day or less. Thirty-nine of

the countries are in Africa and about half of the money goes to the impoverished continent.

IDA funding aims to reduce poverty and encourage economic development in countries and is the single largest source of donor funds for basic social services, such as health care and education, in the poorest countries.

The two-day donors conference that opens today in Berlin, Germany, aims to raise financing for the three years between July 1, 2008, and June 30, 2011.

According to the source with knowledge of IDA negotiations, the current campaign has some encouraging new factors.

Five new donors have joined the drive: Cyprus, Egypt, Estonia, Latvia and Lithuania.

And China, which has increasingly bypassed multilateral institutions by distributing non-conditional aid, particularly in resources-rich Africa, appears ready to come on board, the source said.

"There is an ongoing discussion" with China, the source said. "We'll find out the morning as we come in (to the Berlin meeting) whether they are at an observer table or if they are joining us at the main table."

AFP, Tokyo

The dollar slipped against other major currencies in Asian trade Wednesday amid uncertainty about how effective a central bank plan to ease a global credit crunch will be, dealers said.

The dollar was also pressured by growing expectations that the Federal Reserve will cut interest rates again to prop up the world's largest economy in the face of a housing slump, they said.

The euro rose to 1.4716 dollars in Tokyo afternoon trade from 1.4702 dollars in New York late Wednesday. The dollar fell to 111.81 yen from 112.21, while the euro dropped to 164.49 yen from 165.10.

The greenback had shot up against the yen in overseas trade on news of a joint initiative by the central banks of the United States, the eurozone, Britain, Canada and Switzerland to jointly boost liquidity.

But the rise was short-lived amid lingering concerns over a fallout from the US housing housing slump, dealers said.

"The dollar recovered somewhat as fears of a credit crunch subsided for now," said Hironori Sakurai, forex dealer at Hachijuni Bank. "But it still lacks the momentum to surge ahead with market players waiting for fourth-quarter results from major US banks starting this week," he said. Selling of the greenback by Japanese exporters also capped the currency's rise, he added. While the Federal Reserve's plan to cooperate with the other central banks to pump more money into the banking system was seen as positive, some analysts questioned its long-term effectiveness in resolving the credit crisis. The dollar lower against most Asian units, falling to 41.12 Philippine pesos from 41.48 a day earlier, to 9,305.00 Indonesian rupiah from 9,317.00, to 924.80 South Korean won from 924.90 and to 1.4409 Singapore dollars from 1.4428.

The greenback firmed to 33.59 Thai baht from 30.28 while holding steady at 32.37 Taiwan dollars.

Pubali Bank limited landed its 358th branch at Ramgonj, Lakshmipur on 11 December. Chairman, Board of Directors, Hafiz Ahmed Majumder formally inaugurated the branch, as the chief guest while Managing Director Helal Ahmed Chowdhury presided over the function.

Directors of PBL, namely, Sk. Wahidur Rahman, Ahmed Shafi Chowdhury & Habibur Rahman were present on the occasion.

Hafiz Ahmed Majumder said that Pubali Bank is committed to providing the best and innovating banking services to conform the needs of time in fastest possible time. As part of providing better services and client's increasing demand, Pubali Bank has opened its branch at Ramgonj. He expressed his hope that Pubali Bank would surely serve its customers with utmost satisfaction by applying modern technology through this branch. In this context, he urged the local businessmen to avail the facility of Pubali Bank to expand their ventures.

Directors Sk. Wahidur Rahman, Ahmed Shafi Chowdhury and Habibur Rahman urged all to bank through Pubali Bank.

Helal Ahmed Chowdhury said that Pubali Bank has been providing better services for its customers since 1959 with a promise to keep up its original tradition. He also said, PBL gives priority to provide opportunity and advantage to the customers through application of modern technologies. With a view to expanding the scope of services, the bank has opened its branch at Ramganj.

He added that all the branches of the bank have been meanwhile computerised and he expressed his hope that the new branch would make remarkable contribution in the business development of this area. He also urged all the local people for extending co-operation to the bank.

Md. Joad Ali Biswas, Deputy General Manager of Noakhali Region, local elite and renowned businessmen also attended the function.

The 68th branch of IFIC Bank Limited was opened on 4th December at Haji Nasibullah Market, Balaganj, Sylhet. The branch was inaugurated by the Chairman of the Bank Mohammad Lutfar Rahman through a impressive ceremony. Director of the Bank Didarul Alam was present at the inaugural function and among others the Deputy Managing Director, Mohammad Abdullah and other Senior Executives of Head Office attended it. Prominent businessmen and elite of the locality were also present at the opening.

This branch will offer best contemporary banking facilities to the customers through computerised operation to ensure prompt service, speakers affirmed.

UNB, Dhaka

Switzerland has provided an additional US$ 3.6 million as emergency assistance for the victims of cyclone SIDR and also for post-flood rehabilitation, bringing the total Swiss government assistance so far to US$ 5.5 million.

Under an agreement signed on Thursday, the Swiss Agency for Development & Cooperation (SDC) will provide UNDP $ 1.72 million for early economic recovery for the cyclone-affected people, said a Swiss embassy release.

SDC will also provide US$ 1.88 million worth of assistance for post-flood rehabilitation according to another agreement signed today between SDC and Food and Agriculture Organization (FAO).

Both the projects will be implemented in close cooperation with Food and Disaster Management, Agriculture, and Fisheries and Livestock Ministries of Bangladesh.

A number of humanitarian aid experts from Bern are supporting the ongoing relief and rehabilitation operations.

"More Swiss assistance for recovery and rehabilitation is expected to be provided in 2008 in the cyclone-affected areas," said the embassy, holding out a fresh pledge.

The Institute of Chartered Accountants of Bangladesh (ICAB) has awarded BURO Bangladesh for the Best Presented Accounts of 2006 in NGO category on the basis of evaluation of BURO's Audited Annual Report for the year. The Finance Director of BURO Bangladesh M. Mosharrof Hossain received the award from Finance Adviser ABM Mirza Azizul Islam in a function organised by ICAB in a hotel.

BURO Bangladesh has constantly been pursuing a policy of management efficiency, quality asset and corporate governance since its inception in 1990, said a press release.

Recently, BURO Bangladesh was honoured by the Consultative Group to Assist the Poor (CGAP). The World Bank with its Financial Transparency Award 2005 for maintaining high level of transparency in its annual financial reporting.

B URO Bangladesh was also awarded the ICAB National Awards for 2004 and 2005 for bestpublished accounts and reports securing second and first position respectively and at the regional level, g emerged top in South Asian Federation of Accountants (SAFA) Award on the basis of evaluation of Audited Annual Report for the year 2005, the release added.