Bangladesh seeks WB investment in power

The FBCCI sought World Bank investment in power under Public-Private Partnership, a newly devised development paradigm being followed worldwide.

The Federation of Bangladesh Chambers of Commerce and Industry or FBCCI president AK Azad made the call during a meeting with a delegation of the World Bank, led by Director for South Asia region Ernesto May, at the FBCCI office at noon.

World Bank representatives Sanjay Katuria, Dr. Abul Bashar and FBCCI directors Jalal Uddin Ahmed, Abdur Razzak and TM Abul Bashar also attended meeting. 

Matters related to investment environment in private sector, price spiral of essential commodities, monetary policy and opinions in private sector in reform of tax management were discussed.

Presenting a brief picture of Bangladesh’s economy, the FBCCI president said Bangladesh last year achieved 6 percent GDP growth. And the target growth rate for the current fiscal is 6.7 percent, he added.

“New investment to the tune of US$ 28 billion is needed in the country to achieve its targeted 8 percent GDP growth by the year 2013,” he said.

The apex business body chief requested the World Bank to invest in coal-fired power generation under the PPP, as the country tries every possible avenue to meet huge electricity shortfalls.

“The situation of Bangladesh was comparatively good despite the world recession. Bangladesh is doing well among the South Asian countries on overall aspects,” said the Ernesto may, the World Bank Director.