Canada Giving Bangladesh Nearly Tk 390 Crore in New Grants for Agriculture, Trade and Reforms
Canada has announced a grant of 45 million Canadian dollars for four new initiatives in Bangladesh's agriculture, trade, economic reform and private sector development. In Bangladeshi currency, the amount stands at about Tk 390 crore. The Canadian High Commission in Dhaka gave this information on Sunday.
The High Commission said Canada's Minister of State for International Development, Randeep Sarai, announced this grant during his visit to Bangladesh from 11 to 14 October. The main purpose of his visit was to further strengthen the bilateral relations between the two countries through strategic partnership and to create new opportunities for development and prosperity for the peoples of both countries.
During the visit, the minister inspected various development initiatives, research activities and skills development programs in Bangladesh. He also saw firsthand the assistance activities for Rohingya refugees and the work of the private sector. Alongside, he discussed the possibilities of expanding trade, investment and development cooperation between the two countries.
The two biggest portions of the announced grant are going to Bioenterprise Canada and Cowater International — each organization will receive 18 million Canadian dollars. The aim of Bioenterprise's initiative is to strengthen food security by connecting innovators in Canada's agricultural sector with Bangladesh's agriculture and food sector.
Cowater International's money will be spent on initiatives to simplify Bangladesh's regulatory system, improve the business environment and increase access for Bangladeshi businesses to international markets including Canada. In other words, reducing regulatory complexity and opening foreign markets for Bangladeshi products and services is the main goal of this portion.
In addition, the World Bank will be given 5 million Canadian dollars to advance priority initiatives in the reform of economic and institutional structures. And the International Finance Corporation (IFC) will receive 4 million Canadian dollars to increase financing opportunities for businesses and to assist in the development of the private sector.
In the High Commission's words, through these four initiatives Canada is placing importance on Bangladesh's development priorities as well as on creating economic opportunities, expanding business and strengthening the mutual economic relations between the two countries.
During the visit, Randeep Sarai held meetings with Bangladesh's Prime Minister Tareq Rahman, Minister of State for Foreign Affairs Shama Obaid Islam, and the prime minister's adviser and spokesperson Mahdi Amin. The meetings discussed the possibilities of expanding cooperation in agriculture, health, education, skills development, energy and climate finance. Views were also exchanged on the importance of joint efforts regarding the Rohingya crisis and its sustainable solution.
As part of the visit, the minister inspected BRAC's skills development training center at Ashkona in Dhaka. There he saw how, with Canada's assistance, young men and women, especially women, are creating better employment opportunities by acquiring skills. This program runs as part of a larger initiative of Canada, BRAC and Australia, in which Canada has provided 44 million Canadian dollars in assistance and which has been playing a role in the development of disadvantaged populations for the past five years.
While visiting the International Centre for Diarrhoeal Disease Research, Bangladesh (icddr,b) hospital in Dhaka, he also learned about the research activities conducted with Canada's assistance. Currently Canada has given a grant of 15 million Canadian dollars for running the institution's institutional activities. Besides Bangladesh, Canada is the only country that has been providing this kind of institutional support to icddr,b. In addition, Canada has provided the institution with a further 24 million Canadian dollars in assistance for research on sexual and reproductive health.
Going to Cox's Bazar, the Canadian minister met Rohingya refugees. From 2018 until now, Canada has provided more than 600 million Canadian dollars in assistance for Rohingya support, which is playing a role in expanding education, skills training and livelihood opportunities. He also held a meeting there with the Refugee Relief and Repatriation Commissioner, Mohammad Mizanur Rahman.
At Cox's Bazar, Randeep Sarai also visited an exhibition center of the International Maize and Wheat Improvement Center (CIMMYT). All in all, this new grant package indicates advancing nearly all the principal fields of Bangladesh-Canada cooperation together — from agriculture and food security to trade, reform and the private sector.
