Finance
IFC Investment IFC will double investment in Bangladesh
Dhaka, March 25: Hector Gomez Aung, Regional Director for International Finance of the International Finance Corporation (IFC) in South Asia has visited Bangladesh to increase investment and encourage growth in the private sector. The information was published on the IFC website on Thursday (March 24).
At the end of the five-day visit, Gomez Aung, a top IFC official, said the development agency's goal was to double investment in Bangladesh in the next five years, with special emphasis on employment. The new investment will be made to accelerate the country's sustainable recovery and encourage green growth.
During the visit, he met with senior government officials, representatives of the private sector, think tanks, potential new customers and other key stakeholders. Gomez Ang was accompanied by Martin Holtman, the newly appointed IFC Country Manager for Bangladesh, Bhutan and Nepal, and senior IFC experts.
Ang has identified infrastructure development and affordable housing as one of the IFC's areas of investment to improve the quality of healthcare in Bangladesh in terms of energy and energy transmission and COVID-19.
Gomez Ang said, "IFC encourages energy diversification and has already helped Bangladesh generate more than 20 per cent of its private electricity. We want to do more in terms of fuel mixing and conduction. We also want to explore new opportunities in healthcare, education, climate and economic zones, green, affordable housing."
Speaking after a meeting with the Bangladesh Investment Development Authority (BIDA), Gomez Aung emphasized the need to attract more foreign direct investment to help Bangladesh achieve its ambitions.
Over the years, IFC's investment has had a major impact on the development of the private sector in Bangladesh and the implementation of the government's 'Digital Bangladesh' vision. Examples include bKash, Chaldal, Truck Lagbe, and equity investments in Citibank, which have helped accelerate digitization during epidemics. Covid-19 has helped in realizing the importance of infrastructure for improving the quality of healthcare in Bangladesh, which is another investment area identified by the IFC.
This year, the World Bank is celebrating a 50-year partnership with Bangladesh. The IFC has been playing a leading role in encouraging the private sector to create employment in the private sector and contribute to economic growth.
