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EU supports Bangladeshi bank training institutions to enhance efficiency

  • Published at 07:35 pm August 26th, 2013
EU supports Bangladeshi bank training institutions to enhance efficiency

The European Union will support Bangladeshi bank training institutions to ensure more efficient and improved training to the financial sector with particular emphasis on SME banking, said a statement Monday.

In this respect, a Memorandum of Understanding was signed between Bangladesh Bank Training Academy (BBTA) and Bangladesh Institute of Bank Management (BIBM) under the EU project INSPIRED, component 3.

Integrated Support to Poverty and Inequality Reduction through Enterprise Development (INSPIRED) is a project of €19m provided by the EU and managed by the Ministry of Industries of Bangladesh.

INSPIRED is aimed at improving the competitiveness of small and medium enterprises (SMEs) on local and international markets.

Md Ataur Rahman, Executive Director of BBTA and Dr Toufic Ahmad Choudhury, Director General of BIBM, signed the MoU on behalf of their respective sides.

The both party expressed the importance of the MoU which essentially would support the capacity building of the financial sector.

“The INSPIRED project’s objective was to reduce poverty in Bangladesh by supporting the development of SMEs in the country and enhance the competitiveness and sustainable pro-poor growth of SMEs in selected sub-sectors of the economy of Bangladesh,” said Philippe Jacques, Head of Cooperation of the Delegation of the European Union to Bangladesh.

The numerous training and seminar activities which are being delivered to the two institutions by the INSPIRED project aiming at further dissemination of SME banking would become more efficient through the MoU, he added.

Philippe Jacques said the project will support also coordination mechanisms between the two training institutions. BBTA, the training wing of Bangladesh Bank and, BIBM, a non-for profit organisation, owned by Bangladesh Bank and the financial institutions have cooperated for several years, and the two institutions have decided to enhance their cooperation through formalising a written memorandum.

Areas of important cooperation will cover curricula design and organisation and delivery of training courses including exchange of expertise.

It also emphasised to update and operationalise the national strategy for SME development, streamline SME regulations, improve SME access to affordable finance and enhance support services provided by Business Intermediary Organizations (BIOs).