• Monday, Jan 27, 2020
  • Last Update : 11:47 pm

'$320b needed on Bangladesh infrastructure development'

  • Published at 12:13 am October 29th, 2018
Md. Nojibur Rahman, principal secretary, Prime Minister’s Office, speaks at an international business conference titled 'Destination Bangladesh: Gateway to growth and Development’ at BICC in the capital. Analysts, chamber leaders, and senior bankers spoke, among othersRajib Dhar
Md. Nojibur Rahman, principal secretary, Prime Minister’s Office, speaks at an international business conference titled 'Destination Bangladesh: Gateway to growth and Development’ at BICC in the capital. Analysts, chamber leaders, and senior bankers spoke, among others Rajib Dhar/Dhaka Tribune

They also requested the service providers and contractors to maintain the quality while constructing infrastructure

The speakers at a plenary session on Infrastructure Bangladesh (Private Sector Engagement) at Bangabandhu International Conference Centre (BICC) on Sunda called for the inclusion of private sector to develop infrastructure in the country.

The session was part of a conference, styled, ‘Destination Bangladesh: Gateway to growth and Development’

They also requested the service providers and contractors to maintain the quality while constructing infrastructure.  The speakers made the call while addressing at a plenary session held at BICC in the capital organized by Dhaka Chamber of Commerce and Industry (DCCI) to mark its 60th founding anniversary.

Wendy Jo Werner, Country Manager (Bangladesh, Bhutan and Nepal), International Finance Corporation (IFC), the World Bank Group, presented the keynote paper at the program and said that $320 billion is required on infrastructure of Bangladesh to achieve 6%-8%  Gross Domestic Product (GDP).

The keynote, however, did not elaborate the timeframe for the required investment.

 “The country ranked 111th with regard to infrastructure quality in the world. Around $9.6 billion of foreign direct investment (FDI) would be needed by 2020 for the infrastructure development,” said Wendy Jo Werner.

Werner further stressed to develop power sector involving $60 billion investment. She said $6-7 billion is needed for renewable energy.  

“We noticed that private sector participation in South Asian nations in infrastructure sector is $23.6 billion, with $13.3 billion in India, $8.4 billion in Pakistan and $1.1 billion in Bangladesh,” she added.

Aftab ul  Islam, Director of Bangladesh Bank and former president of DCCI in his introductory address said the country’s infrastructure is  developing gradually. Large projects like metro rail, sea ports and economic zones are being developed.

He said the government should emphasis on maintaining qualities of infrastructure projects.

“We face many problems over the issue centring infrastructure development and their qualities. We need more supports from government,” he added.