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Bangladesh seeks foreign investments in vital development sectors at high-level talks held in Italy for deepening cooperation with key international financial partners, including the EU and the European Investment Bank.
On the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Finance Adviser Dr Salehuddin Ahmed Monday held a bilateral meeting with Nadia Calvino, president of the European Investment Bank (EIB).
The meeting focused on expanding EIB's ongoing support in Bangladesh's priority sectors, the Ministry of Finance said later in the day.
The EIB, the primary lending institution of the European Union (EU), has been engaged in Bangladesh since 2000 under a framework agreement with the Government of Bangladesh.
To date, EIB has invested nearly 635 million euros in six ongoing projects across health, water supply, transport, and communication sectors.
Although its core focus is on EU member-states, the EIB plays a vital role in EU development cooperation with over 160 countries worldwide, particularly in areas such as climate action, innovation, infrastructure, SMEs, and skill development, the press release says.
The EIB has committed to providing 350 million euros in framework loans to support renewable-energy projects in Bangladesh.
The EU will also contribute an additional 45 million euros in grant funding. These projects are aimed at enhancing environmental sustainability and contributing to climate- change mitigation and adaptation, aligning with Bangladesh's sustainable-development goals.
During the discussion, the Finance Adviser emphasised urgent need for greater investment in human-capital development and infrastructure to address the dual challenges of graduating from least-developed country (LDC) status and avoiding middle-income trap thereafter.
He called on the EU and its institutions to provide enhanced concessional or subsidised financing in strategic sectors critical to Bangladesh's development trajectory.
The Finance Adviser also held a bilateral meeting with representatives of Japan Bank for International Cooperation (JBIC) that has long been a valued partner in Bangladesh's development journey through financing and strategic collaboration.
Its investments include the DAP-II Fertiliser Plant, worth $715.6 million, now fully repaid, Ghorasal Fertiliser Plant, and Meghnaghat Power Plant ($265 million) co-financed with the ADB.
Additionally, the Bangladesh delegation held bilateral meetings with Yingming Yang, Vice President (South, Central, and West Asia) of the ADB, Vice President of the OPEC Fund, and Michael Kremer, Vice President of the Agriculture Innovation Mechanism for Scale (AIM for Scale).
In these meetings, issues of mutual interest were discussed by both parties, says the release.
"These engagements emphasise Bangladesh's commitment to deepening strategic partnerships with key global financial institutions to accelerate sustainable and inclusive growth."
syful-islam@outlook.com