Asian Development Bank (ADB) vice president Wencai Zhang yesterday announced that support to Bangladesh would be enhanced from next year. “We will finance energy, power, transport, railway, education sector, small and medium enterprises (SMEs), and infrastructure development,” he said while briefing the media at the ADB’s Dhaka office at Sher-e-Bangla Nagar in the city. He announced that the ADB would like to provide support to the tune of at least USD 5 billion to Bangladesh under the new country partnership strategy for the next three years.
He also said in the coming years, it would a formulate partnership strategy for five years, in line with the Five-Year Plans of Bangladesh. Bangladesh has a clear vision, both mid-term and long-term, which would help achieve the economy’s progress, he said. He also lauded Bangladesh’s plans to go ahead from a lower income country to a middle-income one.
The international community and development partners’ views are also positive and they are with Bangladesh, he added.
About the Asian Infrastructure Investment Bank (AIIB), he said they are committed to working closely with the new Bank, which would provide support for infrastructure.
Talking about the infrastructure of Bangladesh, the ADB vice president said there was a huge infrastructure deficit and a need for huge investment. He suggested involving the private sector in infrastructure development to achieve higher growth.
Zhang expressed satisfaction over the growth of Bangladesh’s private sector, particularly the pharmaceutical sector. He said he saw great prospects for this sector, adding that was a huge potential to export globally.
Asked about the huge need for financing infrastructure development in Bangladesh, the ADB vice president said Bangladesh would have to explore options for mobilising resources to increase investment. He also indicated the need to increase revenue for huge investments to ensure higher growth.