IFC to aid rapid inclusive growth

A top regional official of the International Finance Corporation (IFC) reaffirmed the development financier's commitment towards creating momentum for rapid, inclusive, and sustained growth in Bangladesh.
Serge Devieux, IFC Regional Director for South Asia, said the institution will ramp up its operations in the country to boost job creation and economic competitiveness during the upcoming fiscal year.
The regional director of the IFC, the largest global development institution focused exclusively on the private sector in developing countries, held out the assurances when he met Bangladesh Bank Governor Dr Atiur Rahman.
"We are working towards expanding job-creation opportunities, building critical infrastructure-including power, energy, and transport-and supporting better working conditions in the readymade garment sector to improve Bangladesh's competitiveness," a press release of the IFC Sunday quoted Devieux as saying.
IFC's work in Bangladesh supports the World Bank Group's goals of ending extreme poverty and boosting shared prosperity, he added.
The press release said in the last two years, IFC invested over a $1 billion in the country. In the current fiscal year, IFC has committed nearly $400 million for 12 projects till date. These include supporting natural-gas resources development, funding an independent power project to ensure the supply of electricity is reliable and affordable, and expanding trade finance and efficient working capital solutions for domestic private industry.
Bangladesh, which accounts for 5 percent of the world's poor, is one of IFC's largest country-specific advisory programs. IFC is completing its SouthAsia Enterprise Development Facility programme, which was launched in 2002 in partnership with the U.K. government and the Norwegian Agency for Development Cooperation.