Credit ratings testify country as reliable investment spot: Atiur
Friday, 23 April 2010
FE Report
The first ever sovereign credit ratings are a vote of confidence in Bangladesh as a promising investment destination, central bank governor Atiur Rahman said Thursday.
"The deficiencies in power, gas and physical infrastructure now besetting us are growth constraints for sure, but at the same time they are investment opportunities," Bangladesh Bank (BB) chief said while speaking at a seminar on sovereign credit ratings in the city.
Dhaka Chamber of Commerce and Industry (DCCI) and Citibank N.A. Bangladesh jointly organised the event titled 'Sovereign Credit Ratings: Global Recognition and Benefits for Bangladesh Economy.'
The BB governor urged the country's business community to take full advantage of sovereign credit ratings by forging partnership with foreign investors.
Moody's Investors Service announced for the first time its sovereign credit rating for Bangladesh as Ba3 on April 12, just a week after Standard & Poor's (S&P's) sovereign credit rating announcement of BB-.
"Our businesses can go further in reducing their local borrowing costs by getting themselves rated by local or international rating agencies," Mr Rahman added. He said the central bank would receive US$250 million shortly from the World Bank to improve infrastructure facilities, including power through public-private participation initiative.
"A draft agreement has been signed between the World Bank and the government in this connection," the BB governor told the FE after the seminar, adding that the central bank would disburse the fund as an implementing agency through its Investment Promotion and Financing Facility (IPFF) project.
The first ever sovereign credit ratings are a vote of confidence in Bangladesh as a promising investment destination, central bank governor Atiur Rahman said Thursday.
"The deficiencies in power, gas and physical infrastructure now besetting us are growth constraints for sure, but at the same time they are investment opportunities," Bangladesh Bank (BB) chief said while speaking at a seminar on sovereign credit ratings in the city.
Dhaka Chamber of Commerce and Industry (DCCI) and Citibank N.A. Bangladesh jointly organised the event titled 'Sovereign Credit Ratings: Global Recognition and Benefits for Bangladesh Economy.'
The BB governor urged the country's business community to take full advantage of sovereign credit ratings by forging partnership with foreign investors.
Moody's Investors Service announced for the first time its sovereign credit rating for Bangladesh as Ba3 on April 12, just a week after Standard & Poor's (S&P's) sovereign credit rating announcement of BB-.
"Our businesses can go further in reducing their local borrowing costs by getting themselves rated by local or international rating agencies," Mr Rahman added. He said the central bank would receive US$250 million shortly from the World Bank to improve infrastructure facilities, including power through public-private participation initiative.
"A draft agreement has been signed between the World Bank and the government in this connection," the BB governor told the FE after the seminar, adding that the central bank would disburse the fund as an implementing agency through its Investment Promotion and Financing Facility (IPFF) project.