The government will inject more funds into the financing of housing construction

The government will inject more funds into the Bangladesh House Building Finance Corporation (BHBFC) to enable more people to have their own homes, Finance Minister AHM Mustafa Kamal said yesterday.

According to the plan, the released and authorized capital of the state-owned company will be increased to Tk 500 crore and Tk 1,000 crore respectively from the existing Tk 110 crore, he said during the launch of the system. Company’s online loan repayment at Hotel Purbani International Ltd. in Dhaka.

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“This is based on the current demand and will be executed after the enactment of a law,” he said.

“The House Construction Finance Company (Amendment) Bill 2021” was tabled in parliament in June this year to increase the company’s funds and expand its service coverage.

The initiative aims to provide shelter for every person in Bangladesh, Kamal said. He also expressed the hope that all sectors will be gradually digitized in Bangladesh.

Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh, said the company’s remittance system was innovative and inexpensive.

He suggested developing another online loan application system that would eliminate face-to-face meetings between lender and clients until loans are finalized.

Abdur Rauf Talukder, senior secretary of the finance division, said almost all areas related to public finance, from paying salaries to purchasing, have been digitized.

It used to take a few weeks to cash bank checks, but now it was possible instantly through digitization, he said.

The online system uses the Sonali eSheba payment gateway from Sonali Bank. Depositors receive instant confirmation of transfers and the latest balance via SMS.

The event was chaired by Md Afzal Kaim, chief executive of the company, while Sheikh Mohammad Saleem Uallah, secretary of the financial institutions division, and Md Salim Uddin, chairman of the company, also spoke.

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