50 Years
'Bangladesh's progress in 50 years extraordinary'
Notwithstanding political crises or natural calamities at different times in the past 50 years, Bangladesh has turned around incredibly.
The encouraging words came from none other than renowned economist and former Governor of Bangladesh Bank, Dr Atiur Rahman.
"Despite many challenges, Bangladesh has surpassed many neighbouring countries in terms of competency," he said at a seminar on Bangladesh’s progress in 50 years.
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2 years ago
Proud to contribute to Bangladesh's impressive development journey: Nordic envoys
Nordic ambassadors to Bangladesh have acknowledged the impressive development journey and growth of Bangladesh that they have witnessed throughout their steadfast relationships.
"We are proud to have contributed to it," Ambassador of Denmark Winnie Estrup Petersen, Ambassador of Norway Espen Rikter-Svendsen, and Ambassador of Sweden Alex Berg von Linde, said in their joint speech at a reception Thursday.
The Nordic countries arranged the reception to celebrate 50 years of their ties with Bangladesh.
Industries Minister Nurul Majid Mahmud Humayun who attended the event as the chief guest appreciated Nordic countries' contributions to Bangladesh.
Read: Nordic countries hold business promotion event
He said Bangladesh wants peace and stability around the world and emphasised strengthening the ties on all frontiers.
The Nordic ambassadors said they started their relations with humanitarian aid that moved into development cooperation that "has had multifaceted impacts in so many areas."
"Now, we are glad to see that our relations are transforming with an increased focus on expanding trade relations for a sustainable future in this vibrant nation," they said.
On February 4, 1972, the three countries were among the first to recognise Bangladesh as a new, independent and sovereign state.
"This marked the start of long and strong friendships not only between our countries but also our people – a partnership, which has continuously evolved over the years. Nordic countries have stood side by side with our Bangladeshi partners in their efforts for this nation to develop and progress," the ambassadors said.
Denmark, Norway and Sweden – the Nordic countries represented in Bangladesh – are celebrating 50 years of their ties with Bangladesh.
Read: Denmark, Norway, Sweden celebrate 'NordicWeek,' 50 years of ties with Bangladesh
The 50th anniversary celebrations began on March 23, 2022, on International Nordic Day when the three Nordic ambassadors met Prime Minister Sheikh Hasina and Speaker Dr Shirin Sharmin to share their reflections on the ties and discuss its future outlook.
The Nordic countries celebrated the "Nordic Week," which included a business seminar on May 24.
The overarching theme of the week was "sustainability" which is also a defining feature of the relations between the Nordics and Bangladesh.
2 years ago
50 Years of Ties: Bangladesh, Japanese PMs pledge to strengthen ties
Prime Ministers of Bangladesh and Japan have committed to "strengthen bonds of amity and cooperation" as the 50th anniversary of the establishment of diplomatic relations between the two friendly countries falls on February 10.
Prime Minister Sheikh Hasina and Japanese Prime Minister Fumio Kishida have issued separate goodwill video messages on the occasion of the 50the anniversary of bilateral relations.
Both the Prime Ministers congratulated the people of the two friendly countries on this momentous occasion.
READ: Japanese economic zone to go into production in 2023: Envoy
Japan officially recognized Bangladesh as an independent state on February 10, 1972.
Prime Minister Sheikh Hasina, in her message, expressed the gratitude of the people of Bangladesh for the precious support and contributions of Japan and its people during Bangladesh’s War of Liberation.
She highlighted the historic visit of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman to Japan in October 1973, which laid the foundation of a steadfast and lasting friendship between the two countries.
She also expressed her contentment to carry forward Bangabandhu’s legacy and visit Japan in 1997, 2010, 2014, 2016 and in 2019 to further strengthen the two countries’ relations.
Prime Minister Sheikh Hasina mentioned the solid foundation of bilateral relations between the two countries, poised to be raised from “Comprehensive Partnership” to “Strategic Partnership” in the near future.
She acknowledged the sustained economic cooperation and support of Japan and expressed the hope that last fifty years’ enviable cooperation would remain an inspiration for the coming fifty years for mutually beneficial gains.
Japanese Prime Minister Fumio Kishida, in his message, reiterated Japan’s commitment to strengthen bilateral ties with Bangladesh.
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He referred the visit of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman to Japan in October 1973 as the solid base in the history of bilateral relations between the two countries.
Highly appreciating the socio-economic progress of Bangladesh under the leadership of Prime Minister Sheikh Hasina, he reaffirmed Japan’s commitment to stand beside Bangladesh for the mutual benefits of the two peoples.
He assured Japan’s continued support to resolve the Rohingya crisis.
At a ceremony jointly organized on this occasion by the Embassy of Japan in Dhaka and the Ministry of Foreign Affairs of Bangladesh this afternoon at the Foreign Service Academy, Foreign Minister Dr AK Abdul Momen; Foreign Secretary (Senior Secretary) Masud Bin Momen and Ambassador of Japan to Bangladesh Ito Naoki spoke at the celebration event.
Video messages of Prime Minister Sheikh Hasina, Japanse Prime Minister Fumio Kishida were played.
Message of President of the Japan-Bangladesh Parliamentary Friendship League Taro Aso was also read out.
As the chief guest of the ceremony, Dr Momen recalled with gratitude moral and material support provided to us by the Government and people of Japan to our War of Liberation.
He also paid deep respect to the “Friends of Bangladesh” from Japan, whom Bangladesh has awarded for their invaluable contributions to the independence of Bangladesh.
Foreign Secretary Momen highlighted the historical kinship between the two countries.
He said Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s visit to Japan in 1973 sealed the relationship between the two friendly countries for eternity.
Mentioning that Bangladesh is progressing under the visionary leadership of Prime Minister Sheikh Hasina to achieve the dream of Bangabandhu’s Sonar Bangla, he stressed on the instrumental role of Japan as a key development partner in this endeavour.
Ambassador of Japan Ito Naoki highlighted the robust multifaceted cooperation between the two countries, especially in the areas of infrastructure development, trade, investment and people-to-people contacts.
He assured Japan’s continued cooperation for the socio-economic development of Bangladesh as well as repatriation of Rohingya people.
Colorful dance performances at the courtesy of Bangladesh Shilpakala Academy were also presented at the ceremony.
Chairmen of BIDA, BEPZA, BEZA and high-level representatives from Japanese business community in Bangladesh, among others, attended the event.
2 years ago
Bangladesh stands out for great strides in financial inclusion in 50 years
Financial inclusion in Bangladesh has witnessed ‘miraculous’ progress in 50 years, particularly since the advent of mobile financial services (MFS), till now that nearly 90 percent of the population is estimated to be covered by the formal banking system, MFS, and microfinance institutions (MFIs), according to the man who made financial inclusion a centrepiece of central bank policy.
Most experts agree that Bangladesh Bank’s policy support and realistic measures for enhancing common people's access to the financial sector have helped the country to reach such a position.
The central bank’s thrust in this regard began during the reign of Dr. Atiur Rahman, who served as governor from 2009-15. In the six years since he left, the central bank has carried forward his vision.
As a policy, financial inclusion is recognized to have significant potential for improving the well-being for all, and especially for participants who belong to the poor and marginalised groups.
According to the World Bank’s 2017 Findex report, which looked at financial inclusion, the percentage of adults with financial accounts in Bangladesh rose from 31 percent in 2014 to 50 percent in 2017. Till the introduction of MFS in 2012, that number stood at around 20 percent for a long time. A financial account is broadly defined by the index as an account at a bank or another type of financial institution.
Now, Atiur Rahman believes 60 percent of adults are covered by the formal banking system, which increases to 90 percent if account opening and financial involvement through MFS and MFIs are included.
READ: IFC inks deal with BFIU to develop eKYC infrastructure for fast-tracking financial Inclusion
According to Bangladesh Bank data, the country witnessed a huge jump in deposit accounts with banks during the 2019-20 fiscal. As of June 2020, the number of deposit accounts in the banking sector stood at 13.24 crore as of June this year, which was a 33.6 percent jump from a year earlier. The number of dormant accounts is estimated at around 10 percent.
“The total deposits of the banking sector crossed Tk12 trillion (12,000 crore) in 2020, from Tk 678 crore in 1973, mobile finance deposits stood around Tk10,000 crore and the deposits with the MFI system crossed Tk 1 trillion (1000 crore) recently,” Dr Atiur said.
Comparing the central bank’s target of disbursing Tk 26,000 crore in loans to the agriculture and rural sector in the current fiscal to only Tk 100 crore set aside for the sector in 1973, Dr Atiur said it is very clear that Bangladesh “achieved miraculous success in financial inclusion and access to finance.”
Bangladesh introduced the No-Frill Accounts [or NFAs, these require zero or very low minimum balance and banking facilities such as withdrawals and ATM and debit card facilities incur zero charges], opened with an initial deposit of Tk10/50/100 for various disadvantaged groups.
There are also the school banking accounts opened by the banks for under -18s and working children accounts opened by the banks through collaboration with NGOs.
According to the BB, as of June 2020, more than 22 million (2.2 crore) No-Frill Accounts had been opened through banks. All the various categories of No-Frill Accounts, including for farmers, hardcore poor, freedom fighters and social safety net beneficiaries, witnessed growth. At the same date, over 2.4 million School Banking Accounts had been opened, and 19 banks had opened 10,029 accounts for Working Children with the help of 23 NGOs.
As of June 2020, Farmers’ Accounts remain the major category of NFAs, contributing around 45 percent of the total number. Bangladesh Bank data also showed the number of accounts opened under Social Safety Net Programs increased by over 38 percent during the last quarter of the 2019-20 fiscal. The onset of the pandemic contributed to this growth as more and more people opened such accounts to access the government’s increased support programs during this period.
The total amount of deposits in the No-Frill Accounts reached Tk 2,386.74 crore in June 2020, a growth of 19.1% year-on-year.
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Economist Dr. ABM Mirza Azizul Islam acknowledged Bangladesh’s “very impressive progress” in financial inclusion since the introduction of mobile financial services. He believes there should be even more expansion of financial coverage to include marginal people in the financial system, he said.
Mirza Aziz, however, said access to private sector credit is still lagging in the country, and policymakers have to focus on simplifying the system for providing and accessing loans.
Atiur Rahman returned to Bangladesh Bank in February 2020 to deliver the annual Nur Matin Lecture, where he talked about the various measures and philosophy underpinning the drive to increase financial inclusion. At present the country is working in accordance with the first National Financial Inclusion Strategy (NFIS), adopted in 2018, and covering the time period from 2019-2024.
Chairing the 2020 Nur Matin Lecture program, Governor Fazle Kabir said: "Measures undertaken with respect to financial inclusion like agent and booth banking, mobile banking and school banking, opening NFAs, banking for working street children and arranging fairs and creating refinancing schemes have brought a massive number of unbanked people under banking services. All these efforts proudly carry the stamp of your (Atiur Rahman’s) dedication.”
2 years ago
Bangladesh, India to have much to do in next 50 years: Doraiswami
Indian High Commissioner to Bangladesh Vikram Kumar Doraiswami has said Bangladesh and India will have much to do in the next 50 years to build on the foundation of the two countries’ friendship and history together.
“We’ve made important achievements especially in the last decade,” he said, mentioning that the two countries are the closest partners in the political, diplomatic, commercial, economic, developmental, cultural, security, and even people-to-people fronts.
The High Commissioner said they must now ensure that future generations understand this history because it is the youth of today who will make this partnership irreversible.
“Doing so would be a truly fitting contribution to the millions of Bangladeshi martyrs who gave their all for this country,” said the High Commissioner while addressing a reception on Monday evening.
2 years ago
Celebrating 50 Years of ARCASIA
The Architects’ Regional Council Asia (ARCASIA)- a Council of the presidents of the National Institutes of Architects of 21 Asian countries that are members of ARCASIA. ARCASIA FORUM is hosted by one of the member countries of ARCASIA every alternate year. The Institute of Architects Bangladesh (IAB) is hosting ARCASIA FORUM 20 with the theme “Architecture in a Changing Landscape” from 2nd to 7th November, 2019. The 6-day long program kicked off on 31st October, 2019 with an open exhibition "Exhibition on Architecture of Bangladesh" at Manik Mia Avenue Plaza at 4.30 pm. Mr. Noor-E-Alam Chowdhury, MP, Hon'ble Chief Whip, Parliament of Bangladesh.
4 years ago