The World Bank’s investment body IFC wants to invest more in Bangladesh. Over the next five years, the company will invest 500 crore, which amounts to Tk 43,100 crores in domestic currency. The IFC is considering investing in light engineering, economic zones, financial and capital markets, and sustainable infrastructure to support growth.
A top official of the company said that they are planning to double the investment in Bangladesh in the next five years. He said that the investment would be made to create new jobs, accelerate sustainable recovery, and encourage environmentally-friendly activities.
Hector Gomez Ang, IFC’s Regional Director for South Asia, arrived in Bangladesh on a five-day visit. The company announced the investment in a press release after the visit on 24 March (Thursday). During the visit, he met with senior government officials, representatives of the private sector, research institutes, potential buyers, and partners. Gomez Ang was accompanied by IFC Country Manager for Bangladesh, Bhutan, and Nepal Martin Holtman and IFC industry experts.
After a meeting with the Bangladesh Investment Development Authority (BIDA), Hector Gomez Ang said that Bangladesh needs to attract more foreign investment to meet the target. According to him, Bangladesh will face challenges after graduating from LDC. To meet these challenges, Bangladesh needs to attract foreign investment as well as take foreign loans. There are no alternatives to this for sustainable development.
Hector Gomez added, ‘Our discussions with the Bangladesh government have been fruitful and we are expected to work more closely in the future.’
In the last few years, IFC has played a major role in the development of the private sector in Bangladesh. They are also playing a role in building ‘Digital Bangladesh’. As an example, they said, IFC has already invested in bKash, Chaldal, Truck Lagbe, and Citibank. This has accelerated the digitisation process of the country.
According to IFC, since 2010, IFC has invested 350 crore dollars in private sector development in Bangladesh.
