Bangladesh holds high-level bilateral meetings with key financial partners 

Bangladesh sought to strengthen its development cooperation with key international financial partners through high-level bilateral meetings on the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB) which is being held in Milan, Italy.

Finance Adviser Salehuddin Ahmed held a bilateral meeting with Nadia Calvino, president of the European Investment Bank (EIB), and a separate meeting with representatives of the Japan Bank for International Cooperation (JBIC) today.

Additionally, the Bangladesh delegation held bilateral meetings with Yingming Yang, vice president (South, Central, and West Asia) of ADB, the vice president of the OPEC Fund, and Professor Michael Kremer, vice president of The Agriculture Innovation Mechanism for Scale (AIM for Scale). In these meetings, issues of mutual interest were discussed by both parties.

The meeting with the EIB president focused on expanding the Bank's ongoing support in Bangladesh's priority sectors, reads a press release.

The EIB, the primary lending institution of the European Union (EU), has been engaged in Bangladesh since 2000 under a framework agreement with the Government of Bangladesh. To date, EIB has invested approximately €635 million in six ongoing projects across the health, water supply, transport, and communication sectors. 

Although its core focus is on EU Member States, the EIB plays a vital role in EU development cooperation with over 160 countries worldwide, particularly in areas such as climate action, innovation, infrastructure, SMEs, and skill development.

In a significant development, the EIB has committed to providing €350 million in framework loans to support renewable energy projects in Bangladesh. The EU will also contribute an additional €45 million in grant funding.

These projects are aimed at enhancing environmental sustainability and contributing to climate change mitigation and adaptation, aligning with Bangladesh's sustainable development goals, added the press release.

During the discussion, the finance adviser emphasised the urgent need for greater investment in human capital development and infrastructure to address the dual challenges of graduating from Least Developed Country (LDC) status and avoiding the middle-income trap. He called on the EU and its institutions to provide enhanced concessional or subsidised financing in strategic sectors critical to Bangladesh's development trajectory.

The finance adviser also held a bilateral meeting with the officials of the Japan Bank for International Cooperation (JBIC). JBIC has long been a valued partner in Bangladesh's development journey through financing and strategic collaboration. 

Notable investments of JBIC include the DAP-II Fertiliser Plant ($715.6 million, now fully repaid), the Ghorasal Fertiliser Plant, and the Meghnaghat Power Plant ($265 million, co-financed with ADB).