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Proposals for an Expatriate Welfare Bank to be established in Bangladesh have been approved by the country’s cabinet.
The bank will give loans to potential expats which can then be repaid in foreign currency.
Finance minister Mr Muhith approved a draft ownership structure of the bank, which would see the government holding a five per cent stake with the remainder being held by expatriate Bangladeshis.
The prime minister’s press secretary Abul Kalam Azad said the bank was designed to help with the trials and tribulations of the country’s expat workers, and that the government will provide loans to run the bank if necessary.
"The prime minister has said it is not to be seen if the bank makes profit or not. The main role of the bank will be ensuring [one] hundred per cent welfare of the expatriates."
Non-resident Bangladeshis sent home over BDT 73,000 crore (£7.38 billion) in 2009, and it is hoped that the establishment of the welfare bank will make it easier and safer for expats living overseas to send remittances.
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