Dhaka: Foundations attached to various ministries will align their efforts under a five-cluster approach in support of the government's Five-Year Strategic Framework for Reform and Development. Key priorities include job creation, renewable energy, and social protection.
According to United News of Bangladesh, Adviser to the Prime Minister on the Ministries of Finance and Planning, Dr. Rashed Al Mahmud Titumir, revealed this initiative during a press briefing after meeting with the heads of 22 foundations. The meeting took place at the NEC Conference Room, where Titumir underscored the initiative's philosophical principle, 'Bangladesh First', emphasizing inclusive participation as critical for national progress.
Titumir explained that the government inherited "a fractured economy" and has since devised a five-year strategy encompassing recovery, transition, and restructuring toward prosperity. One of the initial decisions from the meeting was the launch of a nationwide 'One Village, One Product' initiative, aimed at boosting employment.
The second cluster focuses on electricity, prioritizing the transformation of electricity consumers into producers through renewable energy initiatives. Titumir highlighted this transition as a necessity for future sustainability.
In health, despite significant budgetary allocations, the system has seen deterioration. The government plans to expand upazila-level health facilities to 150-bed units and shift focus to lifestyle-related illnesses. Foundations are expected to contribute by training healthcare professionals.
Social security forms the fourth priority, with plans for a universal, full life-cycle program ensuring rights for every person with a disability. Alternative financing, such as Zakat, is considered pivotal in this area.
The final cluster is monitoring, where the Implementation Monitoring and Evaluation Division will oversee commitments and progress, ensuring transparency through a dashboard.
Titumir noted that the foundations voluntarily assumed these responsibilities, with some committing to significant employment targets. On renewable energy, foundations have pledged to develop 2 GW of solar power, contributing toward the government's 5 GW target over five years.
Funding mechanisms involve contributions from producers, partner NGOs, and government lending, aiming to reduce interest rates substantially. Titumir also compared the cost-efficiency of solar power to other energy sources, highlighting potential savings for the government.
To attract investment, Titumir identified policy continuity, deregulation, financing access, energy security, and connectivity as crucial factors. The government has allocated Tk 20,000 crore to reopen closed factories, with agreements already in place with 40 banks, anticipating disbursement soon.
Finally, Titumir set ambitious but achievable targets, including a revenue-to-GDP ratio of 10 percent by 2030 and 15 percent by 2035, aligning with the government's trillion-dollar economic projections consistent with IMF estimates.