Dhaka, Bangladesh (BBN) – The Asian Development Bank (ADB) will provide loan to the Dhaka Stock Exchange for its development under the ‘capital market program.’

ADB country director Thevakumar Kandiah said this on Sunday after a meeting with the leaders of the country’s prime—Dhaka Stock Exchange (DSE) held at the DSE office.

The ADB will also place a set of recommendations on demutualization process to Bangladesh government in February, Mr Thevakumar added.

Mr Thevakumar also said that they will help DSE in implementation of demutualization process and give all out support to the DSE.
“The meeting witnessed wide discussion on demutualization and ways for the development of share market,” DSE President Shakil Rizvi said.

The market will be make international standard within next five years and ADB would help in capacity building, he added.

He also said ADB had given recommendations on market development in the past and would continue in future.  

“We’ve already submitted our concept papers to the finance minister and study on proposal has been started and ADB would place recommendation to government soon,” the DSE chief noted.

Earlier, in 1998, the ADB provided financial assistance in DSE automation process while the Securities and Exchange Commission (SEC) is implementing “capital Market Development Programme-2” financed by the organization.

BBN/SSR/AD-09Jan12-1:54 pm (BST)