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IFC may invest in deep sea port, power projects

  • Published at 09:34 pm May 26th, 2014

The International Finance Corporation is interested to invest in the proposed deep sea port and in power infrastructure projects in Bangladesh.

“We intend to provide investment and advisory services for deep sea port and gas- and energy-based projects,” IFC Country Manager Kyle F Kelhofer said at a launching ceremony, held at the Dutch Embassy in the capital yesterday.

The Textile Technology Business Centre was set up by the BGMEA with support from the IFC, the private sector lending wing of the World Bank, and the Netherlands Embassy in Bangladesh.

The centre, located at the BGMEA head office in Karwan Bazar, would assist textile factories to adopt the best practices and technologies for cleaner production and better business.

Dutch Minister for Foreign Trade and Development Cooperation Lilianne Ploumen said the textile sector contributed to the country’s growth, but at the same time, it posed risks to its workers and the surrounding communities.

“Inefficient use of water leads to groundwater depletion, and the discharge of inadequately treated waste contributes to waterborne diseases, depletes local fish stocks and decreases the productivity of local agriculture,” said the minister, who arrived in Dhaka on Sunday.

Ploumen said she came to Bangladesh to assess the progress made thus far in improving the working conditions in the RMG industry. “Together with the private sector, we want to help improve the working conditions and lower the environmental pollution caused by production processes,” she said.

According to a presentation made by IFC Programme Manager Mrinal Sircar, about 1,700 processing plants use 1,500 billion litres of underground water to process five million tonnes of cloth annually.

IFC provided Bangladesh with nearly $800m last year, and a major portion of the loan went to the textile sector as working capital, Kelhofer said.