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IFC Promotes Growth of Light Engineering Sector in Bangladesh


In Dhaka
Sheehan Perera
Phone: + 880 171 3366900
E-mail: sperera5@ifc.org


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.

About IFC
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.