IFC, Australian mission to jointly back inclusive growth in Bangladesh

23 Jun '23

2 min read

Pic: Shutterstock

Insights

The Australian High Commission in Dhaka and the International Finance Corporation have joined hands on a project to create more opportunities for inclusive and sustainable private investment flows into Bangladesh.
Investment worth over $50 million will be mobilised.
Expected to run from 2023 to 2027, it will create opportunities for women entrepreneurs.

The Australian High Commission in Dhaka and the International Finance Corporation (IFC) recently joined hands on a new project to create more opportunities for inclusive and sustainable private investment flows into Bangladesh.

Over $50 million worth investment will be mobilised in key growth sectors in the Bangladesh Economic Engagement Programme–Private Sector Development Partnership (BEEP-PSDP) project to support emerging needs after the COVID-19 pandemic and promote economic growth, resilience and inclusivity.

“We are excited about the opportunities this project will generate for enhancing the business environment and encouraging financial access and inclusion, particularly for women,” Martin Holtmann, IFC country manager for Bangladesh, Bhutan and Nepal was quoted as saying by a Bangladesh news agency.

Expected to run from 2023 to 2027, the project is aimed at improving competitiveness and diversification, enhancing access and inclusion, and promoting sustainability and resilience in key economic areas.

The project’s first pillar will pay attention to reforming the regulatory environment to improve the business environment and attract more inclusive private investment, especially in sectors affected by the pandemic. A key goal is to create opportunities for women entrepreneurs.

The second pillar will improve access and inclusion in the financial sector. The third will seize strategic opportunities outside the scope of the first two.

Fibre2Fashion News Desk (DS)

More World Bank News... More Textiles News - Bangladesh...