World Bank to provide Taka 1bn for BBIN transportation project

World Bank to provide Taka 1bn for BBIN transportation project

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The World Bank would provide Tk 1000 crore for the development regional communications and implement the project taken under Bangladesh, Bhutan, India and Nepal (BBIN).
WB Bangladesh representative Qimiao Fan made the disclosure after a meeting with Commerce Minister Tofail Ahmed at secretariat yesterday.“The WB will give necessary fund and technical assistance to implement the BBIN project. The WB will implement the project under the commerce ministry,” Tofail Ahmed told reporters after the meeting.
The WB has been working on Bangladesh’s proposal for long, the minister said, “the WB has appreciated Bangladesh’s capacity to implement big projects. The WB is now assisting 40 sectors in Bangladesh.”
The WB assured Bangladesh to increase its assistance for the development works, the minister further said.
Tofail Ahmed said a TPP in this regard will be submitted to the planning commission within a week.
“The WB has come here to invest again after the closure of the Padma Bridge Project loan. It proves that nothing can hinder development of the country,” the minister added.
He further said the aid of WB will help make a modern and dynamic road, railway and water communications among the four countries.
“The WB is now implementing US$ 10 billion development works in Bangladesh,” Tofail said.
Bangladesh had started its journey with zero export, the commerce minister said, adding, “now Bangladesh’s export volume stood US$ 34.241 billion with 9.72 per cent growth. The present government has set export target US$ 60 billion by 2021. Of them, US$ 50 billion will come from ready made garment sector.”
The commerce minister sought WB assistance for Bangladesh’s Foreign Trade Institute (BFTI) to modernize and expedite the institute to increase research for the development of trade.
Citing that Bangladesh is an important development partner of WB, Qimiao Fan said the WB primarily allocated US$120 million as loan for BBIN which might increase after evaluating proposal of Bangladesh.
Bangladesh earned a tremendous achievement on the empowering women and their development, the WB country director said, adding, Bangladesh progress more in energy sector too. Besides, it also earned stable position in food security.”
He further said Bangladesh has already turned the country to low middle income and very soon it would turn into middle income country.
Bangladesh has been facing natural disasters and some challenges related to this regard very successfully, Qimiao Fan observed.
“The WB will provide assistance for the development of communications, infrastructures, energy, human resource development and other sector in Bangladesh. Participation of private entrepreneurs along side the government are also needed for the infrastructures development,” Qimiao Fan said.
Among others, additional secretary (DG, WTO) of the commerce ministry Shuvasish Basu, additional commerce secretary Kazi Salah Akbar, additional commerce secretary (FTA) Monoj Kumar Roy and joint secretary (FTA) Munir Chowdhury attended the meeting. – Staff Reporter

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