Foreign-Affairs
IFC fosters climate action with a focus on sustainable, inclusive growth in South Asia
To help sustain and create jobs, improve services for people and protect small and medium sized enterprises, IFC committed about $2 billion in the South Asian region in the past fiscal year, ending June 2022, with a key focus on helping countries recover from the impacts of COVID-19.
The release of the figures comes as Ruth Horowitz assumes the role of IFC’s Regional Vice President for Asia and the Pacific – covering both South and East Asia as well as the Pacific – taking over from Alfonso Garcia Mora, who is now IFC’s Regional Vice President for Europe, Latin America and the Caribbean.
“I am very excited to join the region and to work closely with its fantastic staff, clients and stakeholders, and look forward to building on the region’s strong history of impactful private sector engagements”, said Ruth Horowitz, IFC’s Vice President for Asia and the Pacific, on Monday.
Horowitz is a global investment professional with over 30 years of experience.
Most recently, she served as the Vice President of IFC’s Equity Mobilization Division – IFC Asset Management Company (AMC), which has raised over $10 billion from investors across 13 funds.
Prior to joining IFC as the Chief Operating Officer and Director of AMC, Horowitz worked for Lehman Brothers.
With the impacts of the COVID-19 pandemic continuing to linger, IFC again stepped up with crucial financial support aimed at helping the region rebuild.
Read: IFC blames flood disaster on unplanned development Bangladesh and India’s Meghalaya, Assam
IFC delivered $237 million in FY22 in long-term finance in COVID-response deals on top of its short-term finance to help local exporters and importers, including contributing to increased food and commodities trade.
Overall, from FY20 to FY22, IFC has committed over $1 billion as part of its COVID-19 response in the region.
“With about $2 billion committed in the South Asia region in the past year, IFC’s work has enabled the private sector to deliver solutions to help people and businesses weather multiple challenges,” said IFC’s Regional Director for South Asia, Hector Gomez Ang.
“The innovation and expertise of the private sector is needed now more than ever as countries build the pathways to a resilient, sustainable future.”
As with other regions, South Asia remains vulnerable to the impacts of a warming planet, conflict and geopolitical tensions, and rising global inflation.
As Vice President for Asia and the Pacific, Horowitz signaled that helping countries achieve their climate goals, while meeting needs for renewable energy and sustainable infrastructure will be among key priorities going forward.
"Already soaring food, energy, and fertilizer prices, exacerbated by both the war in Ukraine and erratic weather events are threatening to reverse decades of development gains, making the task ahead even more urgent," said Horowitz.
“However, the right mix of private sector innovation, public sector policy, and availability of financing can not only boost South Asia’s resilience to future shocks but also help transform the region for the better.”
“The threat the region faces in terms of the climate crisis is profound but there are also immense opportunities, underscored by the trillions of dollars in capital that’s waiting to be deployed in green investments.
IFC is uniquely placed to work with the private sector to identify solutions that not only help decarbonize economies but also meet the pressing development challenges facing this region. I look forward to strengthening and developing new partnerships in taking on this exciting role across the Asia Pacific region.”
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Bangladesh-China ties promoting common prosperity, shared benefits: Beijing
The long-standing friendship between Bangladesh and China is accelerating the development of both countries, promoting common prosperity and shared benefits, says the Chinese Embassy in Dhaka.
"We believe this friendship will take the two countries to unlimited heights. Happy Friendship Day, dear Bangladesh," it said in a post on its verified Facebook page on Sunday night.
Read: Dhaka, Beijing to work with patience to achieve dev goals: Momen
Both countries have considered each other indispensable partners for the past 47 years, with a strong belief in the principles of mutual respect for sovereignty and territorial integrity, and mutual non-aggression, said the embassy highlighting non-interference in each other's internal affairs, equality and mutual benefit, and peaceful coexistence.
In the morning, Chinese State Councilor and Foreign Minister Wang Yi met Prime Minister Sheikh Hasina at her official residence after holding bilateral talks with his Bangladesh counterpart AK Abdul Momen.
The foreign ministers reassured their commitments to a "strategic partnership of cooperation" between the two countries and pledged to elevate it to a new level through deepening mutually beneficial cooperation.
During the meeting, they talked about different issues including bilateral trade and investment, development cooperation, the Covid-19 pandemic response, renewable energy, science and technology, cultural cooperation, people-to-people connections, and cooperation in international fora.
Read: We’re sincerely working to resolve Rohingya crisis: Minister Wang
They also discussed the Global Development Initiative and jointly explored the opportunity for cooperation on some other new aspects.
Wang elaborated on China's standing on Taiwan and appreciated Bangladesh's consistent one-China policy.
He also ensured the expeditious return of all Bangladeshi students to China to resume studies.Other issues of importance, including repatriation of the Rohingyas to their place of origin, were also discussed.
Dhaka, Beijing to work with patience to achieve dev goals: Momen
Bangladesh and China have agreed to work with “patience” to achieve their development goals ignoring “provocation and obstruction” noting that peace and stability are required for a country’s further progress.
While briefing media at the Ministry of Foreign Affairs on Sunday afternoon, Foreign Minister AK Abdul Momen described Chinese Foreign Minister Wang Yi’s just concluded Dhaka visit as “politically very significant.”
The Chinese side assured that they will always remain beside Bangladesh in its development journey and will work together to take the existing good relations to a new height, he said.
Responding to a question, Momen said there has been discussion on the Global Development Initiative (GDI) but no talks on Global Security Initiative (GSI), Belt and Road Initiative (BRI) or new Chinese loans.
World Bank to provide US$300 million to help Bangladesh’s pandemic response
Bangladesh and the World Bank on Sunday signed a $300 million financing agreement to help the country strengthen its local urban institutions to respond to and recover from the COVID-19 pandemic and improve preparedness to future shocks.
The Local Government COVID-19 Response and Recovery Project will benefit 39.9 million urban residents in all eight divisions. It will help its cities and towns to build back better as they recovers from the pandemic and prepare for future shocks, including climate change, disasters, and disease outbreaks, according to a release from the World Bank.
In addition, 329 municipalities and 10 city corporations will receive funds bi-annually from the project to improve critical urban services and infrastructures to mitigate and respond to climate change impacts, disasters, and future disease outbreaks.
Also read: World Bank happy, congratulates Bangladesh on Padma Bridge
The agreement was signed by Economic Relations Division Secretary Sharifa Khan Sharifa Khan and World Bank Country Director for Bangladesh and Bhutan Mercy Tembon Mercy Tembon on behalf of the Government and the World Bank, respectively.
The credit is from the World Bank’s International Development Association (IDA), which provides concessional financing, has a 30-year term, including a five-year grace period.
World Bank Country Director for Bangladesh and Bhutan Mercy Tembon said that Bangladesh is rapidly urbanizing. With around 36 per cent of the population living in urban areas the city corporations and the municipalities can play a critical role in helping the urban poor recover from the pandemic as well as prepare to handle future shocks.
“This project will help local government institutions take the right measures to move toward climate-smart urbanization and prepare for resilience in future shocks.”
The project will carry out labor-intensive public works that in one hand will ensure water supply and sanitation, drainage, and other critical services benefitting the low-income areas, slums, and areas exposed to high disease outbreak and disaster risks and in other hand create jobs for the poor urban people. It will create 1.5 million days of short-term work as well as jobs for 10,000 women under the public works scheme.
All infrastructures will incorporate energy efficiency measures, including solar panels and cool roof measures in municipal buildings and services.
Also read: World Bank loan to bolster Bangladesh's economic growth
The project will install hand-washing stations and toilets, including separate facilities for women and improve sanitization in public spaces such as markets, burial grounds, and offices.
It will also help disabled people to access municipality-owned health clinics and conduct awareness programs on vaccines and other COVID-19 protocols, as well as outreach on gender-based violence and climate risks.
ERD secretary Sharifa Khan said that with quick and proactive measures, Bangladesh government will be able to address impact of the COVID 19 pandemic.
“The project will further support to ensure that the urbans areas remain prepared to any future shocks while benefitting the urban poor through job creation, better services, and infrastructure.”
Wang thanks Bangladesh for reiterating its position on “One-China” policy
Chinese Foreign Minister Wang Yi has thanked Bangladesh for reiterating its firm adherence to ‘One China’ policy and sought it on its side as Beijing seeks a “shared future” for all the countries.
“We largely know what is happening centering Taiwan. China has its own policy. He (Wang) thanked Bangladesh and expressed gratitude as we reiterated our position,” State Minister for Foreign Affairs Md. Shahriar Alam told reporters on Sunday after a bilateral meeting between Minister Wang and his Bangladesh counterpart Dr AK Abdul Momen.
Read: We’re sincerely working to resolve Rohingya crisis: Minister Wang
The State Minister said Minister Wang explained those issues in detail to Bangladesh, noting that some countries "misunderstand and misinterpret" them and they need to follow international rules.
Before the Chinese Foreign Minister’s visit, Bangladesh reiterated her firm adherence to ‘One China’ policy and urged the parties concerned to resolve their differences in accordance with the UN Charter and through dialogue.
“We hope it will not further aggravate…the world can’t afford to have another crisis,” said Shahriar Alam on Thursday, adding that the world is going through enough crises.
Bangladesh urged all parties concerned to exercise utmost restraint and refrain from any actions that may aggravate tensions and undermine peace and stability in the region and beyond, said the Ministry of Foreign Affairs.
Apart from bilateral and Taiwan issues, the two sides also discussed Global Development Initiative (GDI) and Global Security Initiative (GSI).
The Chinese Foreign Minister left for Mongolia wrapping up his around 18-hour visit to Bangladesh.
Foreign Minister Momen saw Wang off at Hazrat Shahjalal International Airport at 10:45am Sunday.
Chinese FM’s visit: Dhaka, Beijing sign 4 cooperation documents
Bangladesh and China on Sunday signed four bilateral documents to boost cooperation between the two countries.
The cooperation documents were signed after an hour-long bilateral meeting between Chinese State Councilor and Foreign Minister Wang Yi and his Bangladesh counterpart AK Abdul Momen at a city hotel.
The signed documents are certificate of hand-over and acceptance of the China-aid project of the 8th Bangladesh-China Friendship Bridge, MoU on the plan of special assistance of disaster prevention and reduction; cultural and tourism exchange programme between Bangladesh and China for the period from 2023 to 2027 and MoU between University of Dhaka and first Institute of Oceanography, Ministry of Natural Resources of China for Cooperation on Marine Science and Technology.
State Minister for Foreign Affairs Md. Shahriar Alam briefed the media after the bilateral meeting.
He said the Chinese Foreign Minister is pleased to see Bangladesh’s socioeconomic progress under the leadership of Prime Minister Sheikh Hasina.
Both sides discussed bilateral, regional and global issues in the meeting with a hope to “elevate” the relationship between the two countries to a “new level”.
We’re sincerely working to resolve Rohingya crisis: Minister Wang
Chinese State Councilor and Foreign Minister Wang Yi has said his country is sincerely working to find a solution to the Rohingya crisis terming Myanmar a difficult country to handle.
“Myanmar is a difficult country. We are sincerely working to resolve the crisis and will continue our efforts in the future. He (Minister Wang) stated it very clearly. It’s a difficult country and difficult to handle,” Agriculture Minister Muhammad Abdur Razzaque told reporters quoting the Chinese Foreign Minister as saying.
Razzaque, who received the Chinese Foreign Minister upon his arrival at Hazrat Shahjalal International Airport on Saturday, conveyed to Minister Wang that Bangladesh is unable to bear such a big burden as the country has limited resources.
The Agriculture Minister said there is an impact on social security and social stability of the country due to the presence of over 1.1 million Rohingyas in Bangladesh.
“It’s a big threat to our national security,” he told the Chinese Foreign Minister after welcoming him to Bangladesh.
Read:Chinese FM Wang pays homage to Bangabandhu
Chinese FM Wang pays homage to Bangabandhu
State Councilor and Foreign Minister Wang Yi on Saturday visited Bangabandhu Memorial Museum at Dhanmondi-32 and paid tribute to Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
State Minister for Foreign Affairs Md. Shahriar Alam received the Chinese Foreign Minister at the Bangabandhu Memorial Museum.
The Chinese Foreign Minister placed a floral wreath at the portrait of Bangabandhu and signed visitors’ book there.
The State Minister accompanied the Chinese Foreign Minister while visiting the museum.
US Assistant Secretary Sison in city
US Assistant Secretary of State for International Organization Affairs Michele J. Sison arrived here on Saturday on a two-day visit as part of her tri-nation official tour.
Director General (Americas wing) at the Ministry of Foreign Affairs Nayem Uddin Ahmed received her at the airport.
She is likely to seek Bangladesh’s support for Doreen Bogdan-Martin, one of the candidates for the post of Secretary-General, International Telecommunication Union (ITU), says a diplomatic source.
The Russian Federation has nominated Rashid Ismailov as a candidate for the post of ITU Secretary-General.
The elections will be held during the Plenipotentiary Conference in Bucharest from September 26 - October 14, 2022.
Also read: Rohingya Repatriation: Momen urges Western leaders to impose economic sanctions on Myanmar
If elected, Bogdan-Martin would be the first woman to serve as ITU Secretary General in the organization's 156 years of existence.
Doreen Bogdan has an “unmatched record” of bringing the needs and ambitions of the developing world to the fore, Sison tweeted during her visit to India.
Bangladesh and the United States will “further follow up” the discussions that the two countries had over the last few months during her visit to Bangladesh.
Dhaka’s demand for withdrawal of sanctions on elite force Rab and the Rohingya issue are also expected to be discussed during the visit.
Chinese FM Wang in city to "elevate" ties with Dhaka to a “new level”
State Councilor and Foreign Minister Wang Yi arrived here on Saturday afternoon to discuss bilateral, regional and global issues with Bangladesh leadership with a hope to “elevate” the relationship with Bangladesh to a “new level”.
Agriculture Minister Muhammad Abdur Razzaque received the Chinese Foreign Minister upon his arrival at Hazrat Shahjalal International Airport around 5:18 pm, a senior official told UNB.
Foreign Secretary Masud Bin Momen and Chinese Ambassador to Bangladesh Li Jiming were present at the airport.
From the airport, Minister Wang went to Bangabandhu Memorial Museum at Dhanmondi-32 and paid tribute to Father of the Nation Bangabandhu Sheikh Mujibur Rahman. He signed visitors’ book there.
State Minister for Foreign Affairs Md. Shahriar Alam received the Chinese Foreign Minister at the Bangabandhu Memorial Museum.
Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader was supposed to host a dinner in honour of the Chinese Foreign Minister on Saturday evening but it could not be held due to changes in Chinese FM’s schedule.
“We hope the visit will provide an opportunity to further implement the common understandings between the leaders of the two countries, deepen mutually beneficial cooperation and elevate the relationship to a new level,” said Chinese Foreign Ministry Spokesperson Hua Chunying.
She said they “highly value” their relationship with Bangladesh and the Chinese Foreign Minister is visiting Bangladesh at the invitation of Foreign Minister AK Abdul Momen.
Minister Wang is scheduled to meet Prime Minister Sheikh Hasina Sunday morning apart from holding a bilateral meeting with his Bangladesh counterpart Momen the same day.
The meeting between Foreign Minister Momen and his Chinese counterpart Wang is scheduled to begin at 7:30am (beginning with breakfast) at Sonargaon Hotel.
“They will have an exchange of views on bilateral relations and international and regional issues of shared interest,” said Chinese Spokesperson Chunying.
Bangladesh will likely deepen both its economic links with China and its security links with India in the long term in order to avoid becoming a full client state of either, according to geopolitical risk analysis site - Foreign Brief.
Also read; Chinese FM Wang Yi due in Dhaka Saturday to boost cooperation