|
|
|
History of ELDORADO
United Kingdom Department for International Development (DFID), as grantor and the
Republic of Bangladesh, represented by the Ministry of Finance, have entered into
the Remittance Payments Partnership (RPP) by and through an exchange of letters,
for the purpose of improving migrant's access to remittance service providers, reducing
the cost of migrant remittances and modernizing the remittance process. The implementation
agency for the RPP is Bangladesh Bank and the sponsoring ministry is the Ministry
of Finance of People's Republic of Bangladesh. Under the auspices of the RPP, DFID
in association with Bangladesh Bank has established the Remittance & Payment Challenge
Fund (RPCF) to provide grant to selected private and non-governmental organizations
subject to submission of fully fledged project plan and subsequent approval of the
same. Under RPCF project BRAC Bank Limited had submitted a project proposal, named 'EL
DORADO' and was awarded the grant not exceeding GBP445,036 (Four Hundred and Forty
Five Thousand & Thirty Six British Pound Sterling) for the development and implementing
the solution for channelizing migrants' remittance proceeds to the ultimate beneficiaries
in Bangladesh within the shortest possible time. In pursuance of the above BRAC
Bank Limited entered into an agreement with Emerging Market Group Limited for the purpose
of implementing this project on November 26, 2007. Under the agreement BRAC Bank
shall procure all necessary software and licenses and necessary components including
machineries and equipments for setting up the said system. In persuasion to this,
BRAC Bank entered into an agreement on December 20, 2008 with Interblocks Limited
of Sri Lanka, to procure the software for El Dorado- Remittance & Payment System.
|
|
|