UK to aid Bangladesh economy
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‘This will boost trade partnerships between your two countries and help unleash Bangladesh’s growth potential’
In a bid to boost trade partnership, the united kingdom Export Finance (UKEF) has recently a lot more than tripled its capacity for Bangladesh to £2.5 billion.
The UKEF, the UK’s export credit agency and a government department, is working alongside the Department for International Trade (DIT) as a fundamental element of its strategy and operations.
“This will boost trade partnership between the two countries and help unleash Bangladesh’s growth potential. The additional support can help UK exporters and Bangladeshi buyers to access finance for projects in the united states,” said the British High Commission in Dhaka in a statement.
This will be on top of the united kingdom government’s support for monetary development in Bangladesh through the united kingdom Aid, CDC Group, and share in International Finance Institutions’ (IFI) investments in Bangladesh, it added.
“More than a triple increase of over 200% in UKEF’s convenience of Bangladesh is a fantastic chance to expand and diversify the UK-Bangladesh trade and financial relationship,” said the British High Commissioner to Bangladesh Robert Chatterton Dickson.
Bangladesh is an economic and development success story, with huge prospect of further growth as the recovery from Covid-19 gathers pace and new opportunities emerge for greener and more diversified growth, said Robert.
The UKEF’s announcement demonstrates Britain’s determination to become a partner for the reason that success, he added.
For instance, through the Bangladesh Investment Climate Fund, the UK government supports improvement in business climate and infrastructure, helping businesses to invest and grow on a sustainable basis in Bangladesh.
The UK’s Business Finance to Poor program supports development of an inclusive financial sector, providing low-income households and businesses methods to participate and take advantage of the growth in Bangladesh.
The UK is Bangladesh’s third single greatest export partner; the import figure stood at £3.3 billion for 2019. THE UNITED KINGDOM is also the second greatest cumulative investor in Bangladesh with £1.9 billion of investments.
The UKEF recently completed a thorough overview of its Country Limits, leading to increases in over 100 markets including Bangladesh.
Source: https://www.dhakatribune.com
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