Chittagong, Bangladesh, April 29, 2008—IFC,
a member of the World Bank Group, Bangladesh’s Light Engineering Product
and Business Promotion Council, and the Bangladesh Engineering Industry
Owners Association are promoting a dialogue among key stakeholders on the
state of the light engineering sector and its recent achievements. The
goal is to facilitate collaboration.
A two-day program in Chittagong, entitled
“Promotion of Light Engineering Products for Development of Business,”
is being organized by IFC Advisory Services for South Asia – the SouthAsia
Enterprise Development Facility – to share insights about the light engineering
sector and reinforce IFC’s commitment to helping small and medium enterprises
in the sector grow and become competitive globally.
In Bangladesh, the nascent light engineering
sector employs about 800,000 people, and smaller businesses are not able
to benefit from it because they do not operate under a unified vision or
an integrated approach. The program will address these issues and the potential
financial benefits of integrating modern technologies such as light engineering
into the SME sector. There will also be a forum that will bring together
local industry buyers and sellers.
“This program is part of IFC’s initiative
to promote and develop Bangladesh’s light engineering sector by facilitating
effective business linkages. Networks and knowledge sharing are invaluable
contributors to the growth of SMEs,” said Deepak Adhikary, Deputy General
Manager and Head of IFC Advisory Services in Bangladesh, Bhutan, and Nepal.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people have the opportunity to escape poverty and improve
their lives. In FY07, IFC committed $8.2 billion and mobilized an additional
$3.9 billion through syndications and structured finance for 299 investments
in 69 developing countries. IFC also provided advisory services in 97 countries.
For more information, visit www.ifc.org.
IFC-SEDF is a multidonor funded facility,
managed and operated by IFC. One of 11 such regional programs managed by
IFC worldwide, the facility is funded by IFC, the governments of the Netherlands
and Norway, the European Commission, DFID (United Kingdom), CIDA (Canada),
and the Asian Development Bank. Set up to promote the growth of SMEs in
the region, it facilitates increased access to finance and provides quality
business development services to projects in Bangladesh, Bhutan, northeast
India, Maldives, Nepal, and Sri Lanka.