ADB Praised Bangladesh’s Strong Economic Growth

ADB President Takehiko Nakao said this during his meeting with Prime Minister Sheikh Hasina and Finance Minister Abul Maal Abdul Muhith at PM’s office on Sunday.

Mr. Nakao reassured strengthening support to the development efforts of Bangladesh particularly in the areas covering basic infrastructure.

He also told that the Bank would strengthen support to regional connectivity and energy trade, while continuing to support investments to enhance agriculture and rural productivity for higher income and more jobs.

According to ADB, the country’s economy grew by 6.0% in fiscal year 2012-2013 (July to June). According to its preliminary official estimates, GDP grew by 6.1% in fiscal year 2013-2014. Bangladesh has also experienced a steep fall in poverty levels from 56.7% in 1991 to 31.5% in 2010 – a drop of more than 25 percentage points in two decades.

President Nakao stressed the importance of strengthened investment in infrastructure. To do that, he said, the government must increase tax revenues as a ratio to GDP, expand the use of public-private partnerships, and improve procedures of project approvals and their implementation. He mentioned, “ADB is also trying to improve its own internal process to accelerate procurement and project management, as well as delegating more authority to resident missions including the one in Dhaka.”