WB support sought for BD port upgrade, asset recovery

Dhaka requests World Bank help in Bangladesh's drive for recovering siphoned-off assets and upgrading the country's port infrastructures for smooth export-import shipment to boost the country's and regional trade.

Chief Adviser of the interim government Prof Muhammad Yunus made the request when World Bank President Ajay Banga met him on the sidelines of the United Nations General Assembly (UNGA) at the UN headquarters in New York on Tuesday, a spokesman for the CA Office said Wednesday.

During discussion, the two sides exchanged views on a range of critical issues, including the upcoming national elections in Bangladesh February, the country's democratic transition, fiscal-and banking-sector reforms, the revitalisation of the Chittagong seaport, regional economic integration, and a growing political engagement of the youth across Asia.

Also discussed was means of recovering of billions of dollars in stolen assets of Bangladesh.

Bank President Banga praised Professor Yunus for his leadership over the past 14 months since the changeover through a youth-dominated uprising, highlighting his pivotal role in steering Bangladesh's economic recovery.

In response, the head of interim government expressed gratitude for the World Bank's steadfast support during what is described as one of the "most critical periods in the nation's history".

The Chief Adviser urged the World Bank to assist in reclaiming the stolen funds and support the reform and modernization of the Chittagong Port, emphasizing its potential to generate millions of manufacturing jobs and enhance regional cooperation.

"Chittagong Port is the key to economic growth in the region. Let's develop together," Professor Yunus said, noting that landlocked Nepal and Bhutan, as well as India's seven northeastern states, stand to benefit significantly from an upgraded port.

The WB chief underscored the importance of robust reforms in the banking and fiscal sectors, stating that they are "essential to laying the foundation for sustained, high-growth economic development".

Also present at the meeting were Energy Adviser Fouzul Kabir Khan, Special Envoy to the Chief Adviser Lutfey Siddiqi and SDG Coordinator Lamiya Morshed.

Meanwhile, Bangladesh has sought full support of the World Trade Organization (WTO) for smooth transition in graduating from least-developed country (LDC) status, specifically through ensuring extended preferential access to developed markets.

Prof Yunus made the request during a meeting with WTO Director-General Dr Ngozi Okonjo-Iweala Tuesday on the sidelines of the United Nations General Assembly at the UN headquarters in New York.

He requested DG's role in the upcoming WTO Ministerial Conference for meaningful outcome to assist countries on the path to LDC graduation, ensuring they are not adversely affected by the potential withdrawal of trade concessions or preferential trade access in developed markets. The chief executive of the WTO assured of her all-out support.

Bangladesh is set to graduate from the world's poor-country club in late 2026.

Their discussion also touched on long-anticipated WTO reforms and current global trade challenges, amid growing concerns over protectionism and a possible retreat from globalization.

In response, Dr Okonjo-Iweala emphasized that despite widespread concerns, global trade remains resilient, with approximately 75 per cent of the trade still governed by WTO rules.

The WTO chief sought Bangladesh's support in advancing critical reforms within the Geneva-based organisation.

"The WTO must reform. I need your active engagement. I want your leadership here," she said.

Professor Yunus echoed the call for comprehensive WTO reforms, stating that the organisation must adapt to lead effectively in a rapidly evolving global trade environment.

"It is time to take up the challenge," he said, adding that Bangladesh is prepared to raise its voice in support of a meaningful change.

Also present at the meeting were Energy and Transport Adviser Fouzul Kabir Khan, Special Envoy to the Chief Adviser Lutfey Siddiqi, and SDG Coordinator and Senior Secretary Lamiya Morshed.

mirmostafiz@yahoo.com