Parliament to pass Expatriate Welfare Bill this session
Tuesday, 28 September 2010
FE Report
The parliament is expected to pass the Expatriate Welfare Bank Bill, 2010 in the current session to pave the way for helping expatriates financially, said chairman of the standing committee on finance AHM Mostafa Kamal Monday.
The committee discussed the bill and made some minor changes in the original bill, he said at a press briefing.
"There are many people who sell their land or other assets to meet the travel expenses but this bank will help them by providing loans on easy terms," he added.
The expatriates can ask the bank to manage their funds and invest in profitable sectors including capital market, Mr Kamal said.
Every year about 0.4 million people get jobs abroad and they have to pay more than that the Sri Lankan or Indian citizens spend to collect work permits as the sector is not supervised well in Bangladesh, the chairman said.
The paid-up capital of the bank will be Tk 1 billion and if the bank needs more money in the future, there is provision to raise it from non-resident Bangladeshis.
The government will provide Tk 50 million and Wage Earners Welfare Fund will contribute Tk 950 million at the initial stage but it can be raised up to Tk 5 billion.
The parliament is expected to pass the Expatriate Welfare Bank Bill, 2010 in the current session to pave the way for helping expatriates financially, said chairman of the standing committee on finance AHM Mostafa Kamal Monday.
The committee discussed the bill and made some minor changes in the original bill, he said at a press briefing.
"There are many people who sell their land or other assets to meet the travel expenses but this bank will help them by providing loans on easy terms," he added.
The expatriates can ask the bank to manage their funds and invest in profitable sectors including capital market, Mr Kamal said.
Every year about 0.4 million people get jobs abroad and they have to pay more than that the Sri Lankan or Indian citizens spend to collect work permits as the sector is not supervised well in Bangladesh, the chairman said.
The paid-up capital of the bank will be Tk 1 billion and if the bank needs more money in the future, there is provision to raise it from non-resident Bangladeshis.
The government will provide Tk 50 million and Wage Earners Welfare Fund will contribute Tk 950 million at the initial stage but it can be raised up to Tk 5 billion.