The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement with Rajdhani Unnayan Kotripokkho (RAJUK) to improve building safety standards by strengthening construction approval process and related building inspection mechanisms.
Under the project, Bangladesh Investment Climate Fund, managed by IFC in partnership with the UK government and the European Union, aims to improve safe building standards in Bangladesh, a press release issued Wednesday said.
Through this project, IFC will support Dhaka city development authority to introduce third party inspection for increased safety, streamline existing rules and issuance of construction permits and introduce digital signatures to reduce paperwork.
The project will actively encourage pro-environment green options to save water and energy in new buildings by incorporating green building measures in the RAJUK construction regulation.
"Dhaka is densely populated and situated in an earthquake prone zone. Bringing down risk levels in buildings is crucial. To address global concerns around safety in buildings, we are keen to support strict enforcement of building inspection and regulation of construction permits," said Md. Nurul Huda, Chairman of RAJUK.
Dhaka is one of the fastest growing cities in the world, and there is a need for more disciplined growth in the future. In a landmark move, Bangladesh government has committed cash contribution to the project aiming to improve the country's investment climate, the press release added.
"IFC is committed to providing assistance to raise safety standards of buildings in Bangladesh. Once factories and buildings are given clearance using a thorough, fast and reliable system, investment confidence in Bangladesh will get a boost. This will also help address concerns about unsafe infrastructure in the readymade garment sector," said Kyle F Kelhofer, IFC Country Manager.
IFC and International Labour Organization are working together on a labour standards programme called 'Better Work,' which focuses on improved buildings for workers' security. IFC recently participated in the International Trade Expo for building fire safety along with other stakeholders in Bangladesh to take the dialogue further
IFC's advisory services focus on improving business operating environment in addition to a growing investment programme in Bangladesh. IFC works with the government to design and implement programmes to introduce business-friendly policies, laws and regulations, while strengthening the institutions that implement them.
IFC signs deal with Rajuk on building safety standards
FE Report | Published: March 13, 2014 00:00:00 | Updated: November 30, 2025 06:01:00
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