DHAKA, Nov 11, 2018 (BSS) – The Asian Development Bank’s Bangladesh Resident Mission today organized a ‘Business Opportunities Seminar’ at the Bangabandhu International Conference Center (BICC) in a bid to deliver better development results.
Commerce Minister Tofail Ahmed inaugurated the event as the chief guest while Secretary of the Economic Relations Division (ERD) Monowar Ahmed and ADB Country Director Manmohan Parkash attended the seminar as guests of honor, said an ADB press release.
The event was organized with the theme “Bangladesh – A Land of Opportunity”, showcasing the opportunities offered by ADB-assisted projects.
The release said approximately 600 participants including suppliers, contractors, consultants, business associations, development partners, diplomatic missions, and government officials attended the seminar. Business houses, contractors, consultants from 11 countries and key development partners were represented in the event.
“We are increasing our operations in Bangladesh and the seminar showcases our achievements, and opportunities,” said ADB Country Director Manmohan Parkash.
“The event also focuses on how we are reforming to cater to the growing needs of our developing member countries in light of business requirements; and how we can attract good quality contractors and consultants to work with us to deliver Bangladesh development goals,” added the ADB official.
In the event, ADB encouraged all consultants, contractors, and suppliers to explore ongoing and upcoming business opportunities embedded in ADB’s loan, technical assistance and grant projects.
ADB looks forward to working closely with all business communities, contractors and consultants. ADB also supports domestic contracting and manufacturing industries.
Currently, ADB has 94 loans and grants for 54 projects with over $10.3 billion under sovereign portfolio in Bangladesh. In 2018, ADB approved loans and grants equivalent to $2.35 billion, contract awards are expected to reach more than $1.2 billion and disbursement close to $1.0 billion.
ADB’s portfolio performance in Bangladesh has hit the highest historical record in 2018. Portfolio volume has grown by 300 percent since 2008.
ADB focuses its cooperation in Bangladesh in six sectors-energy; transport; water and urban/municipal infrastructure and services; education; finance; and agriculture, natural resources, and rural development.
ADB’s cumulative lending to Bangladesh stands at around $22 billion for 286 loans, $263 million for 435 technical assistance projects, and $922 million for 42 grants. ADB also mobilized about $8 billion of co-financing in Bangladesh.