NDB to invest $1bn in Bangladesh: BIDA chief

Chowdhury Ashik Mahmud Bin Harun, the Executive Chairman of the Bangladesh Investment Development Authority (BIDA) yesterday said the New Development Bank (NDB) will invest US$ 1 billion in Bangladesh in the next one year.

"NDB had already invested about $300 million. The Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments," he said the reporters on the second day of the Investment Summit at a hotel Dhaka..

Chowdhury Ashik said they want to provide funds not only to the government but also to the private sector.

"We have also tried to convince them that they have the opportunity to provide funds to social infrastructure including hospitals and housing," he added.

He also said foreign investors visiting Bangladesh's Export Processing Zones (EPZs) and Economic Zones (EZs) have inquired about the government's plans to tackle bureaucratic red tape that could hinder business operations.

He stated that international delegates are keen to understand what specific support the government can offer if they choose to invest and do business in Bangladesh.

"They asked us what facilities or advantages the government could offer for doing business here," he added.

He also noted that the Ease of Doing Business Index is now outdated and should no longer be used as a benchmark.

"There is no market in the world without challenges. Every country has its own set of problems. We are aware of the existing issues and are working to resolve them. Our goal is to address these challenges within the next one to two years," he added.

Responding to a question about US tariffs, Chowdhury Ashik said it is not a problem exclusive to Bangladesh.

"Tariffs are a global issue. The entire world is currently facing this challenge," he added.