In a bid to bring transparency and accountability, from now onward, the Investment Corporation of Bangladesh (ICB) will run the Equity and Entrepreneurship Fund (EEF) under the management of Bangladesh Bank.
In this regard, an agreement was signed between Bangladesh Bank executive director Mofiz Uddin Chow-dhury and ICB managing director Humayun Kabir. During the signing ceremony, BB governor Atiur Rahman and others senior executives of the two organizations were also present.
It may be pointed out that ICB inherited a fund of Tk 100 crore under an agreement signed with the central bank that operated the government fund since December 2000 under an agreement with the government.
After the agreement signing ceremony, Deputy Governor of Bangladesh Bank Nazrul Huda exp-ressed his satisfaction over the agreement saying, "The BB is happy that ICB will operate the fund. We all know that the main job of central bank is to oversee policy issues, not to operate the fund. So we will ensure fair policy to make it effective."
The central bank has so far sanctioned Tk 565 crore from the fund and disbursed Tk 508 crore to 217 agro-based projects and 34 IT projects, according to Bangladesh Bank figures.
It can also be noted that then government had assigned the Bangladesh Bank to operate the EEF allocated through the 2000-01 budget to help develop entrepreneurship in the agro-processing and IT sectors.
A BB official said the central Bank wants to see its effective distribution to boost agro-processing and Infor-mation Technology sectors. He also said since its inception, the fund is making significant contribution in developing entrepreneurship in the agro-sectors. |
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