The New Nation - Internet Edition

THE resources from The Islamic Development Bank (IDB) are not so well utilised in Bangladesh. There are opportunities for a change in approach on the part of our government, particularly after last year's visit of its President, Ahmad Mohammad Ali. The IDB President made commitments during his visit which have much significance for this country when loans and grants from the traditional donor countries and organisations are seen to be falling and the terms and conditions for getting the same are proving to be increasingly difficult and risky.

Thus, it was very inspirational to learn from the IDB President that Bangladesh would be the beneficiary of $ 2.0 billion out of a special solidarity fund that his organisation had mobilised to be disbursed over a period of ten years among Muslim countries. This assistance would be invaluable for Bangladesh. The IDB assistance can be a strong plus factor for the economy if the assistance is spread over the short, medium and long terms under favourable terms and conditions. The IDB President, while in Dhaka, signed three agreements totaling $9.19 million that reflected a good mix of grants and loans. Besides, the rates of interest charged by IDB on their loans as well as the period of repayment are also found to be favouring the recipient countries.

But the potential of assistance from the IDB for Bangladesh involves making most of the new opportunities which are opening up. The IDB would be in a position to step up its assistance significantly under the solidarity fund which it has mobilised. Already, a substantial amount of this fund has been pledged for Bangladesh. But making good and timely use of the resources to be made available by the IDB, will depend on efficient implementation of projects.