Dhaka: Foundations attached to various ministries in Bangladesh will adopt a five-cluster strategy to bolster the government's Five-Year Strategic Framework for Reform and Development, with a focus on job creation and renewable energy. This was announced by Dr Rashed Al Mahmud Titumir, Adviser to the Prime Minister on the Ministries of Finance and Planning, following a meeting with the heads of 22 foundations at the NEC Conference Room.
According to Bangladesh Sangbad Sangstha, Dr Titumir emphasized the initiative's alignment with the "Bangladesh First" philosophy, aiming for inclusive participation in national development. He highlighted the government's inheritance of a "fractured economy" and the subsequent approval of a Five-Year Economic Strategy that emphasizes recovery, transition, and restructuring for prosperity. Notable progress has been achieved within the first 180 days of implementation.
The meeting resulted in several key decisions. First, a national "One Village, One Product" initiative will be launched to generate employment across Bangladesh. Additionally, there is a strategic shift in electricity consumption, encouraging citizens to transition from consumers to producers. Dr Titumir also addressed the need for an improved health system, recalling historical developments and announcing plans to expand upazila-level facilities from 50 to 150 beds, adapting to the shift from communicable to lifestyle diseases.
Moreover, foundations will assist in training healthcare professionals, including nurses and technicians for specialized units. A significant move towards a universal social security programme was discussed, ensuring rights registration for every person with a disability. Alternative financing methods, such as zakat, are being explored to support this initiative.
Monitoring and evaluation will be handled by the Implementation Monitoring and Evaluation Division (IMED), which will publish data on a dashboard to ensure transparency. When asked about achieving the five-year goal of 10 million jobs, Dr Titumir noted that foundations have committed significant figures, indicating a collective target exceeding one crore.
He addressed concerns about the "One Village, One Product" initiative, differentiating it from previous unsuccessful schemes and attributing past poverty increases to the previous government. On solar power, Dr Titumir acknowledged the inherited energy crisis and affirmed the government's commitment to an energy mix, with foundations pledging 2 GW towards a 5 GW solar target within five years.
Financing for solar projects will involve IDCOL and BIFFL, with a budget of TK 2,000 crore and contributions from producers and aggregators resulting in reduced interest rates. Dr Titumir outlined investor requirements, including policy continuity, deregulation, financing sources, energy security, and connectivity, to stimulate investment.
Bangladesh Bank has facilitated TK 20,000 crore for reopening factories, with agreements in place with 40 banks and disbursements set to begin in September. The government's revenue-to-GDP targets are 10 percent by 2030 and 15 percent by 2035, aligning with IMF projections for a trillion-dollar economy.