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Minister for Science and Information Technology Ministry Abdul Moyeen Khan formally inaugurated Wednesday the "Euro Builders Project" which aims at strengthening the bilateral trade between European Union and Bangladesh in the construction, housing and real estate sector of the country.
The Euro Builder Project is a joint initiative between the Real Estate and Housing Association of Bangladesh (REHAB) and European Commission (EC).
The project will be implemented by REHAB.
The total project cost has been fixed at Euro 128,882 of which, Euro 100,000 (77.60 per cent) would be contributed by the EC and the rest of the Euro 28,882 (22.40 per cent) by the REHAB, said the project manager M Zakir Hossain at the launching programme.
The project will continue until July 2006, the project manager said.
"The proposed project aims to contribute to increase bilateral economic cooperation through expanded trade, commerce, investment, and to facilitate transfer of technology in low cost house building and construction and real estate sector between European countries and Bangladesh. The proposed project also attempt to promote joint venture investment for low cost housing development in Bangladesh," Zakir added.
Moyeen Khan said: "Traditionally the donors prefer to donate or disburse loans through non-governmental organisations (NGOs) in social welfare sector, but it is different co-operation," said Moyeen Khan, the chief guest at the ceremony.
He said the project might help lower the housing costs for the people belonging to the lower income bracket. This will strengthen bilateral trade and commerce between the EU and Bangladesh, he added.
From the EU side the project would be financed under its Asia Invest- II, said Jean Claude Malongo, programme officer of the EU Mission in Bangladesh
EU Mission chief in Bangladesh Esko Kentrschynskyj, REHAB president Toufiq M Seraj, Honourary Consul of Spanish Consulate Jalaluddin and REHAB general secretary Mahmudul Hasan attended the programme among others as special guests.
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