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POST TIME: 4 September, 2018 00:00 00 AM
IDB to launch regional hub in Dhaka Sept 9
DEEPAK ACHARJEE

IDB to launch regional hub in Dhaka Sept 9

Islamic Development Bank (IDB) is going to launch its regional office in Dhaka on September 9.

Prime Minister Sheikh Hasina and the IDB President Dr Bandar MH Hajjar will inaugurate the IDB regional head office at a hotel in the capital, Additional Secretary of Economic Relations Division (ERD) Mohammad Shamsul Alam told The Independent yesterday.

President of the IDB, a Jeddah-based multilateral development partner, Dr Bandar MH Hajjar will arrive in Dhaka on September 7 on a five-day visit for inauguration of the hub office of the donor agency, he said.

“It will be possible to make the loan negotiation easier to sit in Dhaka like the World Bank and the ADB,” Shamsul Alam added.

The hub office of the IDB would be set up at the IDB Bhaban at Agargaon in the capital.

“Bangladesh and Maldives are the member countries of the IDB and it will easy to operate its member countries. And the same time, it will help to easy operate some non-member Asian countries, including India, Sri Lanka, Myanmar, Nepal, Bhutan and China after setting up the hub office,” the ERD Additional Secretary informed.

Dhaka would be the regional hub of IDB member countries – Bangladesh and Maldives -- as well as a number of non-member countries like India, Sri Lanka, Myanmar, Nepal, Bhutan and China after setting up the hub office,” the ERD additional secretary informed.

At present, IDB has a small office in Dhaka, which cannot take any policy decision without clearance from the headquarters in Jeddah, the ERD high official said.

Sources in the ERD said, Bangladesh is the second-largest borrower from the IDB Group in the world as it has received some US$ 20 billion funds since its independence in 1971.

The IDB was founded in 1973 at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation or OIC) under the auspices of Saudi Arabia.

The IDB began its activities in 1975. Currently, it has 57 shareholding member states.