DHAKA, March 13, 2019 (BSS)-S. Vijay Iyer, vice-president and chief
operating officer of the Multilateral Investment Guarantee Agency (MIGA) –
the political risk insurance arm of the World Bank Group – is currently in
Dhaka and will stay here till tomorrow.
The visit aims to enhance private sector investments in key industries
such as energy, infrastructure, manufacturing and agricultural development,
said a press release here today.
In Dhaka, Iyer is holding meetings with government officials, senior
leadership from state-owned and private sector enterprises, financial lending
institutions and regional business leaders.
“For the better part of a decade, Bangladesh has seen above-market economic
growth and is poised to emerge as the world’s 30th largest economy over the
next few years, with a trillion-dollar GDP,” Iyer said.
“In order to ensure sustained economic development, it is essential that
the country is seen as a safe harbor for foreign investment, particularly in
sectors that are critical towards this growth: energy, infrastructure,
manufacturing and agriculture. In this regard, MIGA’s comparative value add
rests in its ability to attract and secure foreign investment while at the
same time ensuring that these investments serve a catalytic purpose which
contribute towards the overall development of the country,” he added.
MIGA is currently exploring the possibility to support building an energy
efficient fertilizer plant in Narsingdi, which will produce urea from natural
gas.
This will help increase domestic urea production and thus improve
agricultural production, enhance food security, and reduce environmental
pollution.
Overall, MIGA’s guarantees have contributed significantly to harnessing
private investment for power generation in Bangladesh, with an active
portfolio of over $500m.
When fully implemented, these projects are expected to generate 10,980 GWhs
of electricity annually, procure $40 million in goods and services from
domestic suppliers annually, and support the creation of over 650 direct
jobs.