DHAKA, July 25, 2020 (BSS) – Experts in an online discussion
yesterday have said banks and financial institutions along with the
government should invest properly to attain sustainable economic
goals, SDGs by 2030.
They also called for involving the backward, lagging behind, and
deprived people more in economic activities.
They were addressing the discussion on “the role of financial
institutions in achieving SDGs” organised by Bangladesh Leasing and
Finance Companies Association (BLFCA) and Banik Barta, a leading
national daily, said a press release.
PKSF Chairman Qazi Kholiquzzaman Ahmad, former Principal Secretary
to Prime Minister’s Office Md. Abdul Karim, also Senior Adviser of
BRAC and chairman of IPDC Finance Ltd, Bangladesh Bank DFIM Executive
Director Md. Shah Alam, and Director (Training) of BIBM Professor Shah
Md. Ahsan Habib were discussants at the meeting.
BLFCA Chairman, also Managing Director and CEO of IPDC, Mominul
Islam gave the introductory speech while BLFCA First Vice Chairman
Golam Sarwar Bhuiyan, also MD and CEO of IIDFC made the closing
remarks.
Qazi Kholiquzzaman said improved living standards, multifaceted
poverty reduction, gender equality, employment, inclusive investment
based on equality, and proper use of resources are to be ensured by
achieving economic development, one of the three indicators the SDG.
Banks, financial institutions, microfinance institutions, insurance
sector and capital market need to play an effective role beside the
government to implement these.
He said people those who are lagging behind and deprived should be
given priority. Besides, the new impoverished community created by the
corona situation are needed to be taken forward through rapid economic
cooperation, he said.
Abdul Karim pointed out that the main challenge before achieving the
SDGs is inadequate funding.
He said Financial institutions should come forward to invest in
cottage-small-medium industries, empowering women, forming social
funds for human resource and health sector development, and
implementing environment-friendly projects.
Banks and financial institutions need to play a stronger role in the
economic revival at post-corona period by expediting various financial
incentives announced by the government.
In the introductory speech, Mominul Islam said, “Corona made the
achieving of SDGs more challenging than ever. Hence, everyone needs to
be more focused on their goals from respective places. We need to put
more emphasis on economic recovery.”
“Financial institutions, in future, will work more closely with
government initiatives to achieve the goals,” he said, adding that
those institutions that incorporated sustainable development into
their business strategies became more financially successful.
Md. Shah Alam highlighted the inclusive and environment-friendly
projects implemented by various non-bank financial institutions in the
country and described various policy support and financial assistance
provided by Bangladesh Bank regarding this.
He said the entire financial sector rather than a few banks or
financial institutions should work for sustainable economic
development.
“Bangladesh Bank will be ready to provide all necessary assistance
if any organisation comes forward with an innovative project for the
socio-economic development of the country,” he added.
Shah Md. Ahsan Habib said financial institutions need policy support
to achieve sustainable economic goals.
“Some financial institutions have done better than banks in
sustainable development, while irregularities and corruption by some
institutions have severely damaged the reputation of the sector,” he
said, adding that leaders of the sector should play a strong role to
check these irregularities.
Mentionable, deadline for achieving the SDGs is the year 2030. Only
10 years remained to meet the set goals. A total of 169 targets at 17
sectors including eradication of poverty, inequality and hunger have
to be met by this time.