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PM inaugurates IsDB Regional Hub in Dhaka

  • Published at 10:12 pm September 9th, 2018
Prime Minister Sheikh Hasina attends an agreement signing during the inauguration of the Regional Hub of the Islamic Development Bank (IsDB) in Dhaka on Sunday, September 9, 2018 Focus Bangla

The prime minister welcomed the decision of the IsDB for opening its regional hub in Dhaka

Prime Minister Sheikh Hasina has inaugurated the Regional Hub of Islamic Development Bank (IsDB) in Dhaka.

After the inauguration on Sunday, the prime minister welcomed the decision of the IsDB for opening its regional hub in Dhaka. She said it will definitely help to speed up its operational activities.

 The prime minister said: “The Regional Hub will help IsDB to strengthen their relationship with client countries, in understanding the development needs and challenges as well as development priorities.”

 Sheikh Hasina also said: “IsDB is one of the trusted development partners of Bangladesh. Bangladesh acknowledges the role of IsDB for its contribution in the socio-economic development of the country, over the last four decades.”

 Finance Minister AMA Muhith, Islamic Development Bank President Dr Bandar MH Hajjar, Economic Resources Division (ERD) Secretary KaziShofiqul Azam, were present on the occasion, among others.

The new regional hub will help facilitate works in the Maldives, a member country, as well as the   nonmember Asian countries including Sri Lanka, Myanmar, Nepal, Bhutan, and China.

IsDB President Hajjar said: “As of June 2018, IsDB’s 25 operations and 18 projects in Bangladesh stood at approximately $900 million. Soon, the bank will introduce innovative resource mobilization methods, such as crowd funding platforms, with an eye towards working closer with new private sector partners, NGOs, and philanthropic associations.”

IsDB hosted an innovation competition on Saturday as part of its new transformation effort, a multimillion-dollar fund that will work to promote and nurture science, technology, and innovation.

Local students and innovators in Bangladesh are invited to pitch concepts supporting one or more of the UN’s Sustainable Development Goals, with a prize of $3,000 award to the winning idea.

Dr Hajjar said: “We want to be the originator of a sustainable pipeline of projects that have development impact.”

 He further added: “Dhaka is the first regional hub of IsDB after the bank decided to set up such hubs in different countries.”

 Appreciating the economic development of Bangladesh, the IsDB president said Bangladesh’s high success in all indicators should be replicated in other member countries particularly in Africa.

 Dr Hajjar also appreciated financial management system of Bangladesh saying the country is successfully improving the social aspects along with its economic development.

 “IsDB will work for improvement of peoples’ lives and is committed to continue support to Bangladesh,” Dr Hajjar said.

Bangladesh is the largest beneficiary of IsDB Group financing, among its 57-member countries.

 As a founding member of the bank, Bangladesh has received more than $20 billion in development assistance since 1974, much of it focused on energy, trade, and financial services.