UK reaffirms commitment to support Bangladesh’s private sector growth
British International Investment is central to the UK’s strategy of supporting Bangladesh in securing the investment it will need to sustain economic growth through and beyond LDC graduation, the country’s high commissioner Robert Chatterton Dickson has said.
“BII’s investments will support Bangladesh’s development ambitions and complement our work to improve the country’s investment climate,” he told a reception in the city on Tuesday, reports UNB.
BII currently has a portfolio of over US $270 million in Bangladesh, supporting 11 businesses and two funds, across a variety of sectors including financial services, infrastructure, manufacturing and food processing.
The reception was held to mark UK government’s development institution DFI’s new name as British International Investment (BII).
Hosted by BII CEO, Nick O’Donohoe, and and HC Dickson, the reception convened business leaders to celebrate the newly rebranded DFI’s long-term partnership with Bangladesh, and to reaffirm its commitment to support the country in meeting key development priorities.
In Bangladesh, British International Investment, which was formerly known as CDC Group, will continue to build on its 74-year experience as an impact investor to support private-sector growth and leverage both its partnerships and deep-rooted knowledge of markets across South Asia to help boost economic opportunities and transform lives.
Bangladesh is an important market for BII, where it has been investing since the eighties.
CEO O’Donohoe said Bangladesh’s place in their history is a special one that goes back as far as the 1990s, when we supported Grameenphone.
“It was the first company to introduce digital mobile technology in Bangladesh. Our investment helped to increase cellular network coverage across the country, including rural areas, and this is just one example that demonstrates how our partnership with key businesses can help deliver productive and transformative impact in Bangladesh,” he said.