ADB, IFC push Bangladesh for blue economy

Asian Development Bank (ADB) and International Finance Corporation (IFC) are keen to facilitate Bangladesh’s blue economy.

They proposed to finance commercial exploitation of vast resources in the Bay of Bengal.

Investment to the tune of $10 billion has been promised by them to be given through bonds over the next 10 years.

ADB and IFC expressed interest to develop city corporations, municipalities and Bangladesh Securities and Exchange Commission (BSEC).

The development came in a recent report sent to the Parliamentary Standing Committee on Planning Ministry.

Besides, the duo is likely to invest in service sectors through promising private sector bonds.

The move is believed to be aiding Bangladesh's economic development and resolving forex reserves.