Finance Adviser Dr Salehuddin Ahmed on Monday said a massive investment had been made in development projects over the years but the rate of return is very low due to the misuse of money.
"Internal rate of return (IRR), net project value (NPV), and some other calculations were there while taking up the development projects. But ultimately, those are numbers only. Their reflections in the real field are absent," he said while speaking at a seminar of the New Development Bank (NDB) in the capital.
He was speaking as the chief guest at the inaugural session of the seminar titled "Transforming Development: Building a Culture of Accountability through Evaluation, Auditing, and Ethics". This was the first gathering organised by the eight-member development partner NDB in Bangladesh.
The Economic Relations Division (ERD) of Bangladesh's Ministry of Finance and the NDB's Independent Evaluation Office (IEO), Internal Audit Department, and Compliance and Investigations Department co-hosted the day-long high-level seminar focused on embedding accountability, evaluation, and integrity at the heart of development projects - the key pillars for delivering on Bangladesh's growth priorities.
Nobel Laureate and Massachusetts Institute of Technology (MIT) Professor Abhijit Banerjee told the event that countries like Bangladesh and India should not focus on gross domestic product (GDP) growth.
Rather, wealth distribution for their sustainable development is very important, he said.
"It was better GDP growth over the last 30-40 years in nations like Bangladesh and India. However, the major portion of incomes has been grabbed mainly by the rich rather than the poor. So there are inequalities in these countries."
The countries should focus on proper wealth distribution for their sustainability, he added while addressing the seminar virtually.
Prof Abhijit also said migration due to climate change in the coastal belts of Bangladesh and India is a problem on the countries' way to poverty alleviation as well as sustainable development.
The 2019 Nobel laureate in economics emphasised the value of evidence-based policymaking and timely impact evaluations in ensuring that development investments deliver real results.
Dr Salehuddin said, "The foundation of sustainable development rests on three pillars: accountability, transparency, and ethical governance. These are not abstract ideals; they are practical necessities."
"Evaluation, auditing, and compliance are the tools that help us build these pillars. They ensure that our policies and projects do not merely exist on paper, but deliver real, tangible benefits to our citizens," he added.
ERD Secretary Md Shahriar Kader Siddiky said, "We must learn from international experiences and adopt global best practices to our own context. The presence of distinguished experts and partners from the NDB, as well as from key ministries and agencies, is a valuable opportunity for dialogue and knowledge exchange."
The event featured keynote addresses from global leaders in development policy.
Egypt's Minister of Planning, Economic Development and International Cooperation Dr Rania A Al-Mashat, who is also on the NDB board of governors, in an audio message shared her country's efforts to strengthen project transparency through digital monitoring platforms, offering insights relevant to fast-growing economies like Bangladesh.
Participants also explored key themes, including the role of evaluation in accelerating the achievement of the United Nations Sustainable Development Goals (SDGs), private sector engagement in development interventions, risk-based internal auditing, and ethical standards in development finance.
These sessions were led by senior officials from the NDB and enriched by perspectives from international partners, such as the Asian Development Bank; the Department, Monitoring and Evaluation of South Africa; the Ministry of Finance, Brazil; and the International Fund for Agricultural Development.
"Good development is not just about how much is built, but how well it lasts - economically, socially, and institutionally," said Mr Henrique Pissaia, principal professional specialist at the IEO of the NDB.
The seminar signalled growing cooperation between NDB and Bangladesh, which joined the bank in 2021 - the first non-BRICS country to do so.
The NDB in a statement on Monday said as the Bangladesh government continues to scale up its infrastructure and ambitions, these discussions underscored the importance it places on good governance, evaluability, and long-term sustainability, as well as the NDB's commitment to working closely with Bangladesh, financing infrastructure and sustainable development projects that support its national development objectives and commitments under the SDGs.
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