Home Bank & Finance Global Development Bank
to start journey on June 1
Bank & Finance - Biz World - May 19, 2022

Global Development Bank
to start journey on June 1

Staff Correspondent: To tackle the post Covid-19 pandemic financial crisis and economic catastrophe, a new international development banknamed Global Development Bank (GDB) is going to be launched on June 1in the member states of the United Nations. The Global Development Bank (GDB) will play the key role as a development financial agency for emergency currency support and green projects financing in both the private and public sector organizations.
The targeted core development areas of the GDB included the skill development, job creation, poverty alleviation, setting up of green industries and hybrid education system among the developing and under-developed member countries in the United Nations. Ensuring basic needs for the poor and ultra-poor people is also the main among other goals to change their fate.
Due to the Covid-19 pandemic, the economy and development activities of all over the world, especially in the developing and under-developed countries, has been facing manifold problems including huge job scarcity, disruption of supply chain management, hampering smooth production and drastically reduction of consumption capacity, lack of ensuring nutritious meal, health care and education facilities, people in many countries have been facing immense suffering due to lack of social safety and peaceful livelihood facilities.The GDB is pledged toimplement emergency need-based projects and programs for the crisis prone nations.
The globe currently desperately feels the need for establishingof a sustainable development, disarmament, balancing of ecologyand assets, empowering of the backward population, prevention of global warming and environmental hazards, reduction of carbon emission, ensuringof job-oriented education system, entrepreneurship management by utilizing the unused funds, hedge funds, low-cost funds, mutual funds and bonds.
The GDB is also committed toimplement these projects and mobilize funds utilizing the innovative new windows and sources.
Mission of the new international bank is to work for the poor and ultra-poor of developing and under-developed nations and the vision of GDB is to make the world free from hunger and ensure livable environment for all.
Country offices will be set up within shortest possible time across the world with competent skilled professionals, economists and bankers.
Renowned economist Dr Enayet Karim has been appointed as the first President of the bank, while Major General Dr Dilawar Singh as Co-President. Theyhave to take charges on June 1for the tenure of five years.

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