The New Nation - Internet Edition

Staff Reporter

Citibank N.A. yesterday announced disbursement of another Tk 400 crore in January for rehabilitation work in cyclone Sidr affected areas of the country.

"It could be disbursed by January next after completion of necessary formalities," Mamun Rashid, Managing Director and Citigroup Country Officer, told journalists at a press conference at the National Press Club in the city yesterday.

Senior executives of Citibank NA Bangladesh, including Omar Faruque were present at the press conference.

Mamun Rashid said the Citibank N.A. has already disbursed credits worth over Tk 100 crore through its partner NGOs in the affected areas after the cyclone Sidr battered houses, schools, shops and other establishments in the country's southern districts.

Besides, the Citibank N.A. donated Tk 10 lakh to the Chief Adviser's Relief Fund for the rebuilding purpose and distributed clothes, drinking water and kitchen utensils in the affected areas. He said Citi Foundation, the philanthropic arm of Citigroup, has donated US$ 50,000 or Tk 34 lakh to support the relief work of Bangladesh Red Crescent Society on November 29 last.

Mamun Rashid also disclosed that Citibank N.A. would help rebuild some educational institutions, damaged by the cyclone Sidr in Bangladesh, with the contributions from the staffs and employees of the banking group's worldwide network.

"Citibank NA Bangladesh will rebuild all the educational institutions in at least two upazilas of the Sidr affected southern region," he said.

He said the number of educational institutions to be rebuilt would depend on the resources to be available by January next, but they would try to cover all the institutions in two upazilas to be selected by the government.

Mamun Rashid said Citibank NA Bangladesh circulated a request through its internal communication channels to Citibank offices and employees all over the world for them to assist the Sidr victims in the country. Many Citibank branches have also placed donation boxes for collection of contributions.

"So far, this initiative has received good response especially from India and other Asian countries, and it is expected to draw more funds," Mamun Rashid said.

The Citigroup Country Officer said the Citibank would also be engaged in school and boat repairs and in providing fishing nets and rickshaw vans with active assistance from its NGO partners.

Bangladesh Bank has repeatedly been asking the commercial banks operating in the country to contribute to the rural economy through

providing funds to the agriculture and other rural economic sectors.

"We're trying to reach hungry streams of the two floods and Sidr hit areast we're working with seven NGOs in the country," Mamun Rashid said, adding that the funding programme would be coming on field by next few months.