Development Forum begins tomorrow

Bangladesh will seek more investment and cooperation from the development partners instead of loans to finance the sustainable development goals and graduation from the least developed countries category.

The country will make the call at the two-day Bangladesh Development Forum that will start in Dhaka tomorrow, said Kazi Shofiqul Azam, secretary of the Economic Relations Division (ERD).

He spoke at a press meet yesterday in presence of Finance Minister AMA Muhith. The finance ministry organised the meet at the NEC auditorium. The slogan of this year's forum is “Partnership for Development”.

An additional $928.48 billion—over the current provision of investment related to SDGs by public sectors and external sources—would be required till 2030 to implement the SDGs, according to a report of the ERD.

The secretary said only 15 percent financing is estimated to come from abroad, 10 percent of which is in the form of foreign direct investment and only 5 percent in loans on concessional or other terms. Muhith said the country's dependence on foreign assistance has come down to a great extent and now the emphasis is being given to FDI instead of loans. In a separate session, the forum will discuss creation of enabling environment for FDI, he said.

About 700 delegates representing Bangladesh government and various development partners will attend the event at Sonargaon Hotel. Prime Minister Sheikh Hasina will inaugurate the meeting.

The forum comprises Bangladesh and its development partners and is seen as a platform to discuss the country's development process.

Annette Dixon, vice president of the World Bank; Wencai Zhang, vice president of the Asian Development Bank; Minoru Masujima, deputy director general of Japan's foreign affairs ministry, and Suleiman Jasir Al-Herbish, director general of the Opec Fund for International Development, will also attend the conference.

The forum will start its proceedings with a keynote session on the implementation of the Seventh Five-Year Plan and the SDGs and the challenges Bangladesh confronts in attaining them.

A separate session will also be held on Bangladesh's graduation from LDC.

The Committee for Development Policy (CDP), a subsidiary advisory body of the United Nations Economic and Social Council, has confirmed that Bangladesh would, for the first time, meet the criteria for graduation during the CDP's triennial review of the LDCs in March 2018. In a separate session, the forum would focus on the probable impact the transition may have on the economy and the possible mitigating steps which could ease the graduation process.

Muhith said the LDC graduation will be celebrated with grandeur. The premier will inaugurate the celebration.

The government plans to formulate a strategic plan to assess the losses and opportunities once Bangladesh graduates from the LDC group, the ERD secretary said.

Bangladesh will enjoy several benefits after coming out of the LDC club, he said.

There will be no limit in World Bank's lending and Bangladesh will get more loans according to its capacity, he said.

After the graduation, the lending rate in case of foreign loan will increase but it will not put any pressure, Muhith said. Bangladesh will face no problem in paying loans at least in the next 25 years, he said.

In the forum, more sessions will take place on agriculture and extreme climate conditions, addressing inequality and fostering quality education and ICT. 

Sessions on addressing violence against women and ensuring women empowerment and improving urban service delivery will be held on the last day.

The last meeting of the forum took place in Dhaka in November 2015.