Expatriate Bank begins operation
Prime Minister Sheikh Hasina hands over a cheque for loan from Expatriate Bank to a youth after inaugurating the bank at Sonargaon Hotel in the city yesterday. Photo: PMO
The widely talked about Expatriate Bank kicked off its operation yesterday with Tk 100 crore as paid up capital in a mission to finance intending migrant workers of the country and ensure safe transaction of their remittances. “The bank will completely be dedicated to provide services to Bangladeshi citizens living abroad,” Prime Minister Sheikh Hasina said while inaugurating the bank at Sonargaon Hotel in the city. The specialised bank was opened coinciding with the beginning of two-day fourth ministerial-level consultation meeting of the Colombo Process, a forum of 11 worker exporting Asian countries. “We expect the Expatriate Bank to benefit about 76 lakh Bangladeshi expatriate workers currently staying in some 100 foreign countries around the globe,” Expatriates Welfare and Overseas Employment Secretary Dr Zafar Ahmed Khan told BSS earlier. He said the bank was being established initially with a paid up capital of Tk 100 crore, of which Tk 95 crore came from Expatriate Welfare Fund and rest Tk 5 crore from the government exchequer. There is a provision to increase the fund of the bank up to Tk 600 crore as the paid up capital not adequate considering expatriates' contribution in the national economy as well as the huge size of overseas workers, he added. The expatriate welfare secretary, who is also the chairman of board of directors of the bank, said they would open branches of the bank at all major Bangladesh manpower recipient countries within next six months. “We will open more than one branch in the countries like Saudi Arabia, the UAE and Malaysia where large number of Bangladeshi labourers are working,” he said. The bank, marked as one of the major success of the present government in ensuring welfare of the expatriates, will provide loans to the intending overseas workers on the basis of mortgage against job. After starting function of the bank, none would need to sell or mortgage their homes, lands and assets to go abroad for jobs, Dr Zafar said. Besides, the expatriate bank will provide various facilities to the Bangladeshis, presently employed in the foreign lands, in a package including loans. “They would be brought under a safety circle through this bank so that none of them are deceived abroad,” he said, adding, “The bank will help channeling remittance in a single but safe way to stop all possible means of deceiving the expatriate workers.” Moreover, ex-expatriate workers could take loan from the bank to start their new business in the country after coming back from overseas, which will help sustaining the economic solvency of the expatriate workers. The government at a cabinet meeting on May 24 last year approved the draft of the Expatriate Welfare Bank Act-2010 with an objective to provide financial assistance for the people intending to go abroad for jobs. Dr Jafar Ahmed Khan was appointed chairman of the board of directors of Expatriate Welfare Bank on February 7 this year.
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