Dhaka, Bangladesh, June 22, 2014—A top
regional official of IFC, a member of the World Bank Group, met this week
with the governor of Bangladesh’s central bank, saying the institution
will ramp up its operations in the country to boost job creation and economic
Serge Devieux, IFC Regional Director for South Asia, met with Dr. Atiur
Rahman, Governor of Bangladesh Bank, to reaffirm IFC’s commitment towards
building momentum for rapid, inclusive, and sustained growth in the country.
“We are working towards expanding job-creation opportunities, building
critical infrastructure—including power, energy, and transport—and supporting
better working conditions in the readymade garments sector to improve Bangladesh’s
competitiveness,” Devieux said.
IFC’s work in Bangladesh supports the World Bank Group’s goals of ending
extreme poverty and boosting shared prosperity. In the last two years,
IFC invested over a $1 billion in the country. In the current fiscal year,
IFC has committed nearly $400 million for 12 projects till date. These
include supporting natural-gas resources development, funding an independent
power project to ensure the supply of electricity is reliable and affordable,
and expanding trade finance and efficient working capital solutions for
domestic private industry.
Bangladesh, which accounts for 5 percent of the world’s poor, is one of
IFC’s largest country-specific advisory programs. IFC is completing its
SouthAsia Enterprise Development Facility program, which was launched in
2002 in partnership with the U.K. government and the Norwegian Agency for
Development Cooperation. The program has helped increase the incomes of
farmers—and boosted the revenues of micro, small, and medium enterprises—by
more than $160 million. It has also generated estimated savings of $14
million for private businesses, and it has helped avoid about 84,000 metric
tons of carbon dioxide emissions a year.
IFC has a growing pipeline of investment projects in sustainable energy,
power generation and distribution, economic zones, sea ports, inland transport,
and the financial sector. It also is implementing new advisory programs
such as the Partnership for Cleaner Textiles, with support from
Netherlands; the Better Work initiative with the International Labour
Organization to improve the rights and safety of workers in the garment
industry; and the South Asia Regional Trade and Investment project
for enhanced economic integration. In addition, IFC is scaling up its advisory
work on public-private partnerships to help mobilize financing for and
build essential infrastructure.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit