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Bangladesh Bank Governor Dr Ahsan H. Mansur said that graduation from the Least Developed Countries (LDC) would create some opportunities for Bangladesh, despite the businesses having some observations.
He said there is no country like Bangladesh left among the LDCs.
He made the remark on Tuesday night at the inauguration ceremony of a new platform, the Climate Action and Sustainability Hub (CASH) in a hotel in the capital.
The initiative is a joint effort by the Policy Research Institute (PRI) of Bangladesh, the Centre for Climate Change and Environmental Research (C3ER) at BRAC University, and Sharp Consulting Bangladesh Limited, said organizers of the event.
While speaking as chief guest at the event, the governor said, “in Asia only Afghanistan remains; in Africa, there are countries like Congo and Somalia. So why should we still be on this list? I don't find it acceptable."
He added, "It is necessary for us to move beyond this classification. Despite objections from some in the business sector, I firmly believe LDC graduation will ultimately benefit Bangladesh."
AKM Sohel, Additional Secretary at the Economic Relations Division (ERD) said at the event, windows of soft loans and preferential market access of product will be closed or reduced.
The only sector where the global funds will remain open for grants or concessional loans is climate changes as Bangladesh is the largest climate disaster prone area. Dr Ainun Nishat, Chairman of CASH, said the flood that struck Florida last year reached a height of 17 feet.
"Our embankment stands at just 15 feet - and it's already damaged. Even a smaller flood could cause severe devastation," he said.
If a flood of similar magnitude hits Bangladesh, it could result in the death of at least 50,000 people, he said.
Dr Ainun Nishat criticized the Delta Plan 2100, calling it a deceptive initiative, and argued that it lacks concrete, project-specific details.
He claimed that the plan merely repackages over 80 development projects that were originally identified back in the decade of 1960s.
Dr Selim Raihan, Executive Director, SANEM said at the event capacity building and managing data are important issue for the macro economy particularity climate change issue.
Sayed Nasim Manzur, President of the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh, emphasized the need for a unified and non-discriminatory enforcement of environmental regulations.
He also stressed that the enforcement mechanism should not be overly centralized, and local governments must be empowered to play a stronger role in this area.
The organiser said at the event the platform is expected to accelerate the country's transition to a low-carbon, climate-resilient economy.
With climate risks intensifying and growing demands for sustainability disclosures and ESG compliance, CASH is positioned to support organizations in aligning with international standards, accessing climate finance, and developing sustainability leadership.
Despite the presence of national policies, the country still faces major implementation challenges - a gap CASH seeks to close.
The hub envisions positioning Bangladesh as a regional leader in sustainability by empowering organizations and communities to adopt environmentally responsible and socially equitable practices.
Its mission focuses on promoting inclusive sustainability actions through cutting-edge research, policy innovation, capacity building, and advocacy.
Eminent climate expert Dr Ainun Nishat will serve as Chairman of CASH.
The Board of Trustees will include Dr Zaidi Sattar, Dr Bazlul Haque Khondker, Al Maruf Khan, Roufa Khanum, Kazi Imtiaz Hossain, and Zakir Ahmed Khan.
The focus area of the CASH will be policy advocacy, capacity development, Knowledge dissemination, public engagement, research, and green and climate finance solution.
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