Expat welfare bank bill '10 passed
Tuesday, 5 October 2010
FE Report
The parliament Monday passed the Expatriate Welfare Bank Bill, 2010 to pave the way for helping potential migrants financially.
The bank will provide easy-term loan to potential migrants, encourage expatriates to invest in Bangladesh, help the returnees in getting employments and develop modern and effective remittance channel.
The authorised capital of the bank is Tk 5.0 billion and paid-up capital Tk 1.0 billion and if the bank needs more money in future, there is a provision to raise it from non-resident Bangladeshis (NRBs).
The government will provide 5.0 per cent of the paid-up capital and the rest will come from the Wage Earners Welfare Fund.
About seven million Bangladeshis are living abroad and it is expected that the country will get over $12 billion remittances this year.
The bank after getting approval from the Bangladesh Bank can accept deposit and provide credit. It will be converted into a scheduled bank.
The bank comprises 13 directors and the government will appoint chairman and managing director soon.
The parliament Monday passed the Expatriate Welfare Bank Bill, 2010 to pave the way for helping potential migrants financially.
The bank will provide easy-term loan to potential migrants, encourage expatriates to invest in Bangladesh, help the returnees in getting employments and develop modern and effective remittance channel.
The authorised capital of the bank is Tk 5.0 billion and paid-up capital Tk 1.0 billion and if the bank needs more money in future, there is a provision to raise it from non-resident Bangladeshis (NRBs).
The government will provide 5.0 per cent of the paid-up capital and the rest will come from the Wage Earners Welfare Fund.
About seven million Bangladeshis are living abroad and it is expected that the country will get over $12 billion remittances this year.
The bank after getting approval from the Bangladesh Bank can accept deposit and provide credit. It will be converted into a scheduled bank.
The bank comprises 13 directors and the government will appoint chairman and managing director soon.