A two-day meeting of Bangladesh Development Forum (BDF), a platform of foreign development partners, kicks off in the capital today – nearly after six years.
Economic Relations Division (ERD) under the Finance Ministry is hosting the event at Bangabandhu International Conference Center.
The meeting is considered vital as its main objective is to set strategies for giving financial commitment on Bangladesh’s much-needed infrastructure development.
Prime Minister Sheikh Hasina is expected to inaugurate the event as chief guest.
President-designate of Asian Infrastructure Investment Bank (AIIB) Jin Liqun and Vice President of Asian Development Bank (ADB) Wencai Zhang will also attend the inaugural session.
“The government will share its various national development plans, including 7th five-year plan, perspective plan and SDGs (Sustainable Development Goals) with the development partners,” said Mohammad Mejbahuddin, secretary to Economic Relations Division, yesterday at a press conference.
For the Bangladesh development, how much they (foreign donors) can finance will be discussed in the meeting, he said.
A Rueters report quoted ERD secretary that Bangladesh plans to seek up to $12bn in assistance for infrastructure development during the meeting.
“We will place our requirements to them to ensure infrastructure development to become a middle-income country by 2021,” he said.
He said the country wants to raise its GDP growth to 8% and for this an investment of up to six times higher than now is needed.
“We now spend only 2-3% of GDP on infrastructure, but it should be about 12% to reach the goal of becoming a middle-income country.”
But ensuring good governance in the use of funds still remains under question. The development partners have always asked the Bangladesh authorities for good governance so they can see the most effective results of the assistance.
“We believe good governance improves the cost-effective delivery of public goods and services and broadens inclusiveness,” said Kazuhiko Higuchi, the ADB country director, as quoted by Rueters.
The ADB is a long-standing development partner, providing Bangladesh assistance of more than $17.5bn since 1973, he said.
“We will continue support to Bangladesh to attain middle-income status by 2021, and achieve the SDGs.”
ERD secretary said Bangladesh continues its efforts in improving governance standards.
“We are continuously trying to improve good governance, particularly in the institutions,” he added.
Mejbahuddin, however, declined to make any comment on the issues, especially holding a fair election, which were committed in the last BDF meeting. Bangladesh’s major development partners include the World Bank, the ADB, the IMF, the USAID, the Department for International Development, the European Union and the Japan International Cooperation Agency.
The Forum will bring ministers, top government officials, representatives of development partners and civil society together to find the areas of strengthening partnership for the country’s development.
The government will engage extensively with development partners in respect of strategies and policies for some of the priority sectors of the economy.
As this Forum is taking place just after the adaption of post-2015 SDGs, the Forum will provide an exceptional opportunity to discuss how to take forward these globally agreed goals at the national level.
The BDF will come up with an outcome document spelling out necessary joint steps in each of the six thematic areas.
Meanwhile, AIIB president Jin Liqun called on Prime Minister Sheikh Hasina yesterday. He is also expected to meet Finance Minister AMA Muhith during the visit.
Officials said a development fair will also be held on the sidelines of the meeting in which a number of 17 government agencies will participate.
There will be 41 stalls, out of which, 16 for development partners and 8 for NGOs.
The first meeting of the Forum was held in Dhaka on February 15-16 in 2010. The second meeting was set in late 2011 but did not take place due to continued strain relations between the World Bank and government over the alleged corruption conspiracy in Padma Bridge construction, the largest infrastructure project in Bangladesh.
