Prime minister Sheikh Hasina on Monday inaugurated Bangladesh Infrastructure Development Fund aiming to finance different development projects from the country’s own fund.
The BIDF that formed taking funds from foreign exchange reserves began its journey through financing to the capital and maintenance dredging in Ramnabad Channel of the Paira Port.
To this end, a tripartite agreement between the Finance Division, Paira Port Authority and Sonali Bank was signed on Monday at the Finance Division.
BIDF is the first of its kind in South Asia as well as in the world which would finance development activities.
PM Sheikh Hasina joined the signing ceremony as the chief guest virtually from her official residence Ganabhaban.
Speaking on the occasion, she said, ‘As a developing nation, now Bangladesh has to move on with its own feet and run develop works with its own financing towards becoming a developed country.’
Mentioning that the country’s foreign currency reserve was increased alongside reduction of other costs during the COVID-19 situation, the PM said the government had thought about the potential use of this foreign currency to move out from loan dependency rather make instances of own financing or loan.
She said the government framed the BIDF keeping the foreign currency reserve to meet the country’s import cost of six months considering frequent natural calamities here and utilize the surplus forex reserve for profitable development works.