Dhaka, Bangladesh (BBN)- Parliament on Monday passed the Expatriate Welfare Bank Bill, 2010 providing for setting up Expatriate Welfare Bank.

Information and Cultural Affairs Minister Abul Kalam Azad on behalf of Finance Minister Abul Maal Abdul Muhith proposed for passage of the bill which was passed by voice vote.

The Expatriate Welfare Bank will help unemployed youths to seek employment abroad, help find jobs for the expatriates upon their return to the country and encourage expatriate Bangladeshis in domestic investment, according to the bill.

The bill has proposed BDT 5.0 billion authorized capital and BDT 1.0 billion initial paid-up capital for the bank. But the bank would be able to collect funds from expatriate Bangladeshis more than its paid up capital subject to approval of the board of directors.

A governing body of the Bank will be formed comprising a chairman, a joint secretary level official from the concerned ministry, Director General of Bureau of Manpower, Employment and Training, an executive director nominated by Bangladesh Bank governor, and representatives from other sectors.

The government will appoint the chairman of the bank.

BBN/SI/AD-04Oct10-11:45 pm (BST)