Germany commits to increase investment in Bangladesh’s mega projects and climate action

Germany commits to increase investment in Bangladesh’s mega projects and climate action

Germany has agreed to invest in Bangladesh’s mega projects and proposed a new climate change and development partnership. This decision emerged from development cooperation negotiations held in Berlin on 13-14 May. A German delegation will visit Bangladesh in January to explore more investment opportunities.

The Bangladesh delegation was headed by Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) at the Ministry of Finance. Parliamentary State Secretary Dr. Bärbel Kofler led Germany’s delegation. Barbara Schäfer, head of the Division for Policy Issues of Cooperation with South Asia, German Federal Ministry for Economic Cooperation and Development (BMZ) conducted the negotiations.

Over five decades of cooperation, Germany has provided Bangladesh with more than €3.5 billion in bilateral and technical financial assistance. Both delegations expressed enthusiasm to continue this long-standing partnership, emphasizing shared values of democracy, inclusivity, and sustainable development.

Bangladesh Ambassador in Berlin, Md Mosharraf Hossain Bhuiyan, highlighted the multifaceted nature of the cooperation, spanning economic development, trade, education, and health. ERD Secretary Md Shahriar emphasized Germany’s role in enhancing Bangladesh’s infrastructure, industrial base, and global competitiveness through technical assistance, capacity building, and investment promotion.

Dr. Bärbel Kofler expressed satisfaction with the ongoing collaboration and reaffirmed Germany’s support for Bangladesh’s development trajectory. The Bangladesh delegation also sought climate finance, aligning with Germany’s newly established climate and development partnerships.

Both countries agreed to work intensively on this new partnership model, aiming to conclude a joint declaration of intent (DoI). The discussions covered various development cooperation issues, including climate change, energy, training and skills development, biodiversity, human rights, and good governance.

This renewed cooperation marks a significant step towards fostering economic growth and sustainable development in Bangladesh, leveraging Germany’s expertise and financial support to address critical challenges and opportunities in the region.

Source: The Business Standard

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