The New Nation - Internet Edition

WB approves IDA credit of $62.60 million for revitalizing national agricultural technology system

UNB, Dhaka

The World Bank Thursday approved an IDA credit of US$62.60 million to assist the government in revitalizing the national agricultural technology system to improve agricultural productivity and farm income.

The National Agricultural Technology Project isdesigned to enhance the effectiveness of the nationalagricultural technology system. It will be implemented over a period of 15years in three phases, with a total IDA commitment ofabout US$180 million, said a press release. The credit from the International DevelopmentAssociation (IDA), the World Bank's concessionary arm, has 40 years to maturity with a 10-year grace period. It carries a service charge of 0.75 percent.

The project will finance activities related to agricultural research, agricultural extension, and supply chain, including strengthening of national institutions involved in agricultural research and extension. Accounting for about 22 percent of GDP, agriculture is vital to Bangladesh. Another 33 percent of GDP is contributed by the rural non-farm economy, which is largely linked to agriculture.

Over the last three decades, there has been a significant increase in the production of rice to achieve near self-sufficiency in food grains. However, this is threatened by increasing population, declining land base, and stagnating yields, the release said. "Growth of the agriculture and the rural non-farmsectors is critical to reducing poverty in Bangladesh," said Xian Zhu, World Bank Country Director for Bangladesh.

"Improved agricultural research and technology will be critical to achieve this growth and accelerate for the process of diversification into higher value crops and post-harvest processing," he said. The project will also support a decentralizeddemand-led agricultural extension program with greater accountability and responsiveness to farmers, with a focus on small and marginal farmers.

To increase and diversify sources of income for smalland marginal farmers, the project will supportdevelopment of supply chains of selected commoditiesthrough financing activities related to strengtheningfarmer-market linkages.

Dollar moves narrowly ahead of G7

AFP, Tokyo

The dollar moved narrowly against other major currencies in Asia on Friday as currency players said they were waiting for this weekend's meeting of the Group of Seven richest nations.

The dollar was quoted at 107.37 yen in Tokyo late morning, compared with 107.48 yen in New York late Thursday.

The euro was changing hands at 1.4483 dollars, hardly changed from 1.4479 dollars in New York late Thursday. It edged down to 155.48 yen from 155.70 yen.

"Although markets are not expecting decisive action, all eyes are focused on the meeting since it is an important event," said Masaki Fukui, senior market economist at the forex division of Mizuho Corporate Bank.

The dollar received a boost after European Central Bank (ECB) president Jean-Claude Trichet appeared to soften his previous hawkish stance on rates.

The ECB left its interest rates unchanged overnight as widely expected. But Trichet said risks to growth in the eurozone were on the rise, fuelling speculation that the ECB will have to cut rates later this year despite rising inflation.

Currency traders largely discounted worse-than-expected machinery orders data for Japan which showed a 3.2 percent drop in December, much sharper than the 0.8 percent drop expected by the market.

Investors were "not paying attention to the data since there are no trigger factors that would force Japan to change its monetary policy," Fukui said.

City Bank signs deal with Pragati Insurance Ltd

Economic Reporter

The City Bank Limited has launched insurance coverage against locker facility of the customers for the first time in the country. The City Bank Limited signed an agreement with Pragati Insurance Ltd at a simple ceremony held at the bank's head office at Jiban Bima Tower, Dilkusha Commercial Area in the city.

Under the agreement, customers will receive a maximum of Tk 2.50 lakh arising from any loss or damage by fire and burglary or theft, robbery, dacoity or house breaking to the customer who are keeping their valuables in the bank's lockers. Customers will enjoy this facility without any additional fee or charges.

Sohail R.K. Hussain, Acting Managing Director of The City Bank Ltd and ABM Mir Hossain, Deputy Managing Director of Pragati Insurance Ltd signed the agreement on behalf of their respective organisations.

Raihan Ul Amin, DMD (Operations), DH Chowdhury, DMD (Legal and Compliance) of the bank and AKM Rafiqul Islam, Managing Director of Pragati Insurance Ltd were present on the occasion.

CPM group opts for GP business solutions

Grameenphone Ltd. has recently signed an agreement with CPM Group to provide complete communication facilities under its Business Solutions package.

Grameenphone Business Solutions is an integrated telecommunications service specially designed for the business entities of Bangladesh, providing customized telecommunications solutions through a consultative approach, tailored to the needs of individual businesses.

CPM Group is a reputed 100% export oriented textile and garment manufacturing company, with 9 strategic business units.

Grameenphone Business Solutions, comprising of modern mobile telecommunications services for any business needs, provides voice, text messaging and mobile data and internet services. Also on offer is a complete Mobile-Office solution, including mobile email, mobile high-speed data access, internet access, mobile fax and more, providing the freedom to work from anywhere within Grameenphone's wide network coverage.

According to the agreement, CPM Group is being provided complete communications solutions tailored to its needs, including voice, data and other services. CPM Group will use the services to further improve communication amongst its different business, at an affordable cost.

The agreement was signed by Shariful Islam, Chairman of CPM Group, and Mahabub Ullah, Acting Head of Business Sales Dhaka, Grameenphone Ltd., on behalf of their respective organizations.

Saber Sharif, Vice Chairman of CPM Group, and Ehatasham Haider, Group Manager, Muhammad Arifur Rahman, Account Manager, Md. Hasan AI RashidSales of Business Solutions and Md. Fakhrul Abedin, Relationship Manager, of Grameenphone, were present at the signing ceremony.

banglalink Desh Music Fest 2008, Chittagong, in aid of SIDR Victims

banglalink Desh Music Fest 2008, Chittagong, a concert to raise funds for the victims of Cyclone SIDR was held on Friday.

This is the 3rd concert to be organized as part of the Banglalink Desh Music Fest aimed at making a difference to people who are in need. The concert comprising of the top artists of the music industry is taking place at the M.A. Aziz Stadium in Chittagong.

This is expected to be one of the biggest concerts outside Dhaka in recent times. It has already attracted a lot of enthusiasm and support from the general public.

Performing at the Concert will be Nagar Baul, Miles, LRB, Warfaze, Haider Husyn, Aurthohin and Sustain to show their solidarity for a noble cause.

Carnival, Channel i, Radio Today and amadergaan.com have also joined hands as partners with the main sponsor Banglalink. The proceeds from this event will be donated in aid of the SIDR victims.

Unilever Bangladesh receives prestigious International Awards

Unilever Bangladesh Ltd (UBL) has received two of Unilever's prestigious international awards at the Asia-AMET (Africa Middle East Turkey) level. The business received the AA Vitality Awards 2007 in the "Win Key Markets" and "Win With Customers" categories from among the operating companies in the Asia-AMET (AA) region.

Rakesh Mohan, Chairman and Managing Director, Unilever Bangladesh received the awards on behalf of Unilever Bangladesh from Harish Manwani, President of Unilever's Asia, Africa, Middle East and Turkey (Asia-AMET) region at a formal ceremony in Singapore on January 29.

The senior leadership team of Unilever Asia AMET region, as well as Chairmen of the operating companies of the region attended the ceremony.

The AA Vitality Awards recognize the outstanding work that has been done in Unilever Bangladesh over the last few years. It may be recalled that this is the second consecutive win for Unilever Bangladesh in these categories.

SIBL's Trade and Foreign Exchange training course ends

Certificate Awarding and concluding ceremony of the 'International Trade and Foreign Exchange Training" was held at Social Investment Bank Limited Training Institute on Monday.

Abdul Awal Patwary, Chairman Board of Director, SIBL was present as chief guest while Abu Sadek Md. Sohel, Deputy Managing Director of SIBL was resent as special guest. The meeting was presided over by Akter Hossain, Principal of the Bank.

While awarding Certificates the chief guest and the Special Guest advised the participants to apply the knowledge and skill acquired in this training programme in their work situation and become a good banker.