Germany to invest US $ 190.28 million in development cooperation projects in Bangladesh

Germany has announced a generous allocation of approximately US $ 190.28 million (around Taka 2,265 crore) for bilateral development cooperation projects in Bangladesh. The funding, which targets several mutually agreed core areas, aims to strengthen economic growth and prosperity in the country.

Of the total support, US $ 48.42 million will be directed towards technical cooperation, while the remaining funds will be allocated for financial cooperation. Key project areas include renewable energy and energy efficiency (US $ 53.38 million), socially and environmentally sound supply chains, trade, and infrastructure development (US $ 12.69 million), sustainable urban development (US $ 100.95 million), and biodiversity protection (US $ 6.34 million).

Significantly, the projects will also focus on enhancing technical and vocational education and training (US $ 5.29 million) and addressing domestic violence against women and children (US $ 7.4 million). These initiatives are crucial as they indirectly support the ready-made garments (RMG) sector, a backbone of Bangladesh’s economy, by improving skills and ensuring safer work environments.

Agreements to implement these projects were signed yesterday between officials of the Economic Relations Division (ERD) and the German embassy. Md Shahriar Kader Siddiky, secretary to the ERD, and Achim Tröster, the German ambassador to Bangladesh, were present at the signing ceremony.

In his remarks, Siddiky highlighted the steadfast partnership between Germany and Bangladesh, emphasising Germany’s critical role in bolstering the nation’s infrastructure and industrial capacity. He noted that these initiatives will not only improve Bangladesh’s competitiveness in the global market but also directly contribute to the sustainable growth.

Furthermore, Siddiky called for Germany’s technical support in modernising Bangladesh’s jute industry, proposing collaboration on research and development in jute processing technology, capacity building for farmers and manufacturers, and facilitating access to international markets through trade partnerships.

This collaboration underscores a commitment to fostering sustainable economic growth in Bangladesh, with the potential to significantly impact vital sectors, including RMG, ultimately enhancing livelihoods and economic opportunities for many.