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Friday, June 14, 2024

Muhith seeks IFC cooperation in securing more FDI

Finance Minister AMA Muhith has sought cooperation of the International Finance Corporation (IFC) to increase the flow of foreign direct investment (FDI) in the country.

“We need all kinds of assistance in all sectors in both public and private sectors. We need deeper engagement of IFC,” he said while addressing a workshop on ‘Investment Process and IFC Strategy for 2017-21’ at Sonargaon Hotel in the city on September 17.

IFC, the World Bank’s private lending wing, and Economic Relation Division (ERD) jointly organised the workshop to provide understanding about the work procedures, and also product and services of the multilateral funding agency.

With ERD secretary Kazi Shofiqul Azam in the chair, the workshop was also addressed by Wendy Werner, IFC country manager for Bangladesh, Bhutan and Nepal and Mengistu Alemayehu, South Asia regional director of the funding agency.

Bangladesh Investment Development Authority (BIDA) executive chairman Kazi Aminul Islam was also present at the function.

Muhith said the country has just started getting some FDI and at this very complex period, “we need assistance in bigger way from IFC.”

He said there is a happy relation with the IFC and such relation is very important.

“We think the private sector should be assisted by the banks and financing agencies. That’s why we developed relationship with IFC”, he said.

He mentioned that as a nation Bangladesh is committed to welfare of the country. “Since we are committed, we need all kinds of assistance for welfare of the country”.

Kazi Shofiqul Azam said Bangladesh needs to raise the private investment to 35 percent of the GDP to achieve the double digit growth to become a developed nation by 2041.

He said the private investors should be assisted by the IFC and all potentials of the private sector to be utilised.

He said there are some unresolved issues in engagement of IFC. “But those issues will be resolved soon”.

He said IFC’s advisory services are also very important for the private sector investors.

In the presentation, it was said that the IFC is expecting to extend its support in debt and equity finance to 4,343 MW base power supply and also the first liquefied natural gas (LNG) project.

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