Staff correspondent :

IFC and the Australian High Commission in Dhaka have jointly partnered on a new project to help create more opportunities for inclusive and sustainable private investment flows into Bangladesh.
The Bangladesh Economic Engagement Program-Private Sector Development Partnership (BEEP-PSDP) project will support emerging demand after the Covid-19 pandemic and promote economic growth, resilience and inclusion by investing more than USD 50 million in key growth sectors, a press release said here today. will do  
This collaboration will revitalize the private sector in line with Bangladesh’s development plans and partners’ strategic priorities and focus on facilitating a sustainable recovery from the Covid-19 pandemic.
Jeremy Brewer, Australian High Commissioner to Dhaka, said at the event, ‘This partnership highlights our commitment to supporting economic policies, strengthening institutions and developing an inclusive private sector in Bangladesh.
He said that by working together, a sustainable and equitable recovery from the impact of Covid-19 is possible.
Martin Holtman, IFC Country Manager for Bangladesh, Bhutan and Nepal, said, ‘This project will build on our strong track record in Bangladesh while adapting to the new requirements that have arisen in the wake of the Covid-19 pandemic.
The BEEP-PSDP project is expected to run from 2023 to 2027. It aims to improve competitiveness and diversity, increase access and inclusion, and promote sustainability and resilience in key economic sectors such as power, agribusiness and housing.  
Holtman added, ‘We are very optimistic about the opportunities this project will create to improve the business environment and encourage financial access and the inclusion of women in particular.’
Bangladesh aims to become an upper-middle income country by 2031 and recognizes the need for private sector creativity, technology education and foreign direct investment (FDI), the release said.
The project will work closely with the Government of Bangladesh, relevant ministries and other development partners to develop public-private dialogue and cooperation to achieve partnership objectives under the three pillars.
The first pillar will focus on legislative and regulatory reforms to improve the business environment to attract more inclusive private investment, particularly in sectors affected by Covid-19.
According to the press release, one of its goals is to create opportunities for women entrepreneurs.
The second pillar will improve access and inclusion in the financial sector.
The project will work closely with financial institutions to promote financial inclusion and accelerate the transition to a green financial sector.
This includes introducing new and inclusive financial products to increase access to finance with a special focus on women borrowers and those with limited access to banking services.
The third pillar will exploit strategic opportunities that fall outside the scope of the first two pillars.

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