Governors’ SpeechAddress by Mr. Md. Shahriar Kader Siddiky, Alternate Governor for Bangladesh, Secretary, Economic Relations Division, Ministry of Finance, Bangladesh

Mr. Chairman,

President of the New Development Bank,

Esteemed Governors,

Distinguished Delegates,

Excellencies,

Ladies and Gentlemen,

A very good morning to all of you.

I would like to begin by expressing my heartfelt appreciation to the Government of the Republic of South Africa and the New Development Bank for hosting this significant gathering in the vibrant city of Cape Town, a place rich in culture and history. It is an honor to be part of this esteemed assembly, where we come together to forge pathways for a sustainable future.

Mr. Chairman,

I extend my deepest gratitude to all of you for embracing Bangladesh as a member of this distinguished family. This membership is a gateway to new partnerships, enabling us to exchange knowledge, experiences, and innovations as we work towards transforming our economy into a knowledge-driven, developed nation.

Esteemed Governors,

The theme of this year's Annual Meeting, "Investing in a Sustainable Future" is both timely and visionary. We commend the foresight behind this theme. As we advance technologically, we are simultaneously confronted with the pressing challenges of climate change and geopolitical conflicts. In this intricate global landscape, we gather with the hope of discovering innovative solutions to create a prosperous and inclusive world for all.

Distinguished Management of NDB,

I would like to take this opportunity to thank the NDB for showing its interest in providing 1(one) billion USD every year. We are pleased to inform you that we have already sent proposals for 3 (three) projects amounting to 0.956 billion within a very short time. Among them we have already completed negotiation for 1 (one) project, and we got loan negotiation package for another project. This support is a testament to the strong leadership and excellent work of the NDB President and higher management in executing NDB operations. We strongly believe that with unwavering commitment and joint endeavors, we will be able to strengthen and widen our relationship in days to come.

Excellencies,

I am pleased to inform you that recently formed Interim Government under the prudent leadership of worldwide renowned Nobel Laureate Honorable Chief Advisor Dr. Muhammad Yunus pledged strong commitment to its citizens for building Bangladesh without Discrimination where people, government, citizens, and society will be transformed with good governance, equality, transparency, and justice. Meanwhile the new government takes the necessary steps for continuation of previous commitments as well as shows its high interest on Multilateral Development Partners like NDB for development works.

Over the past two decades, Bangladesh has achieved remarkable economic growth, consistently almost 6.0%, alongside significant advancements in socio-economic indicators, defying global odds and has achieved the gateway for graduation from the Least Developed Country (LDC) status by 2026. We are profoundly grateful for the unwavering support of our development partners throughout this journey.

Distinguished Delegates,

We convene at a time when the world is grappling with the aftermath of the COVID-19 pandemic and the ongoing global economic crisis. This dual challenge has ushered in an era of uncertainty. The unprecedented crises in food, fuel, fertilizer, and finance have led to currency depreciation, soaring inflation, and a rapid depletion of foreign reserves. These challenges disproportionately impact the most vulnerable segments of our global community, threatening the hard-won achievements of recent years. A collective effort is imperative to navigate these turbulent times and avert a deeper crisis.

Mr. Chairman,

The New Development Bank has emerged as a pivotal institution, supporting member states in bridging their financial gaps. At this juncture, innovative mechanisms are crucial to empower borrowing members in addressing their financial needs and to attract potential non-members to join our collective endeavor.

Excellencies,

Policy-based support and concessional financing are vital tools in addressing the current economic challenges. The NDB should consider offering concessional financing for climate change initiatives, incorporating cutting-edge technologies to facilitate the transition from fossil fuel-based energy to renewable sources. This transition must be designed to avoid imposing additional financial burdens on member states. Furthermore, public sector infrastructure development, regional connectivity, and skill enhancement to meet the demands of the Fourth Industrial Revolution (4IR) should be prioritized. Sharing expertise in domestic resource mobilization is another area where we can collaborate to strengthen our economies.

Mr. Chairman,

I would like to highlight that Bangladesh, despite making a negligible contribution to global climate change, has been suffering the most as a victim of its consequences. It is disheartening that over 40% of the assistance received for climate-related issues has come in the form of loans. We request NDB's assistance in blending global climate finance for green development.

I am glad to you inform you that NDB has already offered multicurrency option for the implementation of projects in Bangladesh which is very remarkable. Additionally, we seek your support to introduce local currency options as a multi-currency operation in Bangladesh.

Distinguished Delegates,

The cost of financing is a critical factor in ensuring prudent borrowing and avoiding debt traps. I urge the NDB Management to explore innovative financing options that are affordable, competitive, and aligned with our development objectives, ensuring mutual benefits for all stakeholders. We must act decisively and proactively in response to the rapidly changing global landscape.

Distinguished Management of NDB,

We request the introduction of budget support projects and Climate Policy-based Projects similar to those of other development partners like WB, ADB and AIIB. Furthermore, we propose the introduction of a Country Strategy Paper, aligned with our national plan, to ensure improved predictability and help Bangladesh better prepare and plan its development projects according to priorities.

Excellencies,

As a new global initiative, we hold high expectations for the NDB. I am confident that our collective efforts will enable us to overcome current challenges and usher in a new era of development. Bangladesh is fully committed to working closely with the NDB to build a prosperous and equitable world for future generations.

With these thoughts, I conclude my remarks.

Thank you all for your attention and patience.

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