Dhaka, Bangladesh (CU)_ According to Junaid Kamal Ahmad, the vice president for operations of the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), Bangladesh has the potential to become the fastest developing country in South Asia. He expressed confidence in MIGA’s support. He said, “It’s my firm belief that MIGA will work in Bangladesh (in a wide range of areas) in future. Already almost 10 percent investment in the country’s energy sector is being facilitated by MIGA with its guarantee support. We want to increase it further”.
The Vice President of the World Bank Group announced this following a courtesy call at the Planning Minister MA Mannan’s office. According to Junaid, a Bangladeshi native, the MIGA is now focusing on Bangladesh’s energy and fertilizer industries, and that it is eager to be affiliated with Bangladesh’s infrastructure sectors, such as water, power, and highways, and to channel FDI into the country’s economic zones. He added, “We want to make an impact not only in the energy sector, but also in the economic front.”
Junaid stated that at the present rate of growth, Bangladesh will have to depend on the international financial market to satisfy the demand for future finance to accelerate development initiatives. According to the Planning Minister MA Mannan, the Vice President of MIGA assured him that Bangladesh’s economic health is now strong and that there is no chance that Bangladesh will face the effects of Sri Lanka. Mannan added, “They (MIGA) don’t see any possibility of a debacle in Bangladesh. They also suggested us not to think too much on this issue”.
The Minister of Planning stated that the MIGA has expressed interest in giving a guarantee for private sector loans as well as loans for the water, highways, and rail sectors. He stated that the MIGA also intends to establish an office and expand its presence in Bangladesh due to the country’s expanded capabilities. According to Mannan, the vice president of the World Bank Group has noted that the private sector of Bangladesh has now emerged as a strong pillar of support to the economy and has enormous potential.
