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Establish expat welfare bank for NRBs

Speakers urge govt

Staff Correspondent
Speakers at a seminar yesterday stressed the need to establish an expatriate welfare bank to help the Non-Resident Bangladeshis (NRBs) living and working abroad in sending remittance to the country through formal channels.
They sought for a quick implementation of the government's decision to establish such a bank that was announced by the finance minister in his budget speech.
"An expatriate welfare bank is an emergency, as the government needs to support the migrant workers in sending remittance through formal I channels.” said Prof MM Mash, a noted economist.
"Along with sending money through formal channels, such a bank would also help them in getting bank loan in advance that they can be utilised for developing new business ventures," he added.
He was speaking at the seminar on 'Providing bank loans, saving plans and policies to Bangladeshi migrant workers' jointly organised by Scholars Bangladesh and Human Capital Development Ltd at a city hotel.
Prof Akash said the bank would also help the migrant workers save money for their future.
The government has declared to establish an expatriate welfare bank with expatriate workers as its shareholders and investors in a bid to help those seeking jobs abroad and using remittance for productive purposes in the current fiscal.
The government high-ups, including the prime minister, have already agreed on the move. The expatriate welfare ministry, finance ministry anil Bangladesh Bank (BB) has started working to complete all necessary formalities, including formulation of a legal framework, to set up the bank.
AHM Mostafa Kamal, chairman of the parliamentary standing committee on finance ministry. branded the NRBs as the pride of the coun try.
"We don't need to open any letter of credit (IjC) to receive billion dollars remittance. But still manpower sector is most neglected," he said, adding: "It is very unfortunate for the nation. But we still have good prospect in this neglected sector."
He said. "Most of the migrant workers go abroad after selling their personal belongings. But when they return they can't afford to repurchase litem."
“The prime minister is aware of it. So, the proposal of setting up a separate bank has been placed which will develop products exclusively forthem."
In his keynote paper. Dr Towfique Ahmmed Chowdhury, underscored the importance of initiating an inclusive measure so that nonresident workers can send their remittance through formal channels.
He also urged the government to maintain a close network between the BB and other microfinance institutions (MFIs) to help the families of migrant worker get the money safely and on time.
In another keynote, Syeda Farzana Morshed, CEO of Centre for Development and Competitive Strategies, said the government should take necessary measures to encourage female migrant workers to get involved in entrepreneurship after returning home.
She said 69 percent of the female workers have failed to maintain their economic progress after they return home.
Dr Mohammed Farashuddin, former BB governor, and Iqbal U Ahmed, managing director oFIYust Bank Ltd, also spoke at the seminar.