IFAD invests $1.2 billion in Bangladesh

DHAKA, The International Fund for Agricultural Development (IFAD) has an investment portfolio of $1.2 billion in Bangladesh, which is also their 3rd largest investment worldwide for a single country.

Visiting country director of IFAD for Bangladesh and the Maldives Omer Zafar informed this when he met Finance Minister AHM Mustafa Kamal at his office, said a ministry press release.

Omer said out of the 250 projects of IFAD being implemented globally, three out of its top 10 projects are being implemented in Bangladesh while the top one project is being implemented in Bangladesh in the coastal area to construct climate related infrastructure.

The IFAD Country Director informed that they are currently financing seven projects in Bangladesh being implemented by the PKSF, the Ministry of Agriculture, the LGED and the Water Development Board while designs for two more projects are under implementation.

Zafar apprised the Finance Minister about the implementation progress of these projects.

The IFAD Country Director invited the Finance Minister to inaugurate their new regional permanent office and he accepted the invitation saying that it would be a good initiative. With the permanent office, the operations of IFAD would be more dynamic and it will get a new height, he added.

The Finance Minister renewed his optimism that the GDP growth rate in the current fiscal year would reach from 8.25 to 8.30 percent and it is expected to reach the double digit by 2024.

Source: Bangladesh Sangbad Sangstha