Canada announces CAD$45m in new investments in Bangladesh

Canada has announced CAD$45 million (Tk390 crore) in investments for four new initiatives that will support agricultural innovation, strengthen economic reforms, improve access to finance and expand trade opportunities in Bangladesh.

Secretary of State (International Development) Randeep Sarai announced the investments during his visit to Bangladesh from 11 to 14 October, according to the High Commission of Canada to Bangladesh.

Sarai visited the South Asian country to strengthen Canada-Bangladesh relations through strategic partnerships aimed at promoting inclusive growth and mutual prosperity in both countries. 

The investments include $18 million for Bioenterprise Canada to connect Canadian agricultural innovators with Bangladesh’s agri-food sector to support food security; $18 million for Cowater International to simplify regulations, improve the business environment and help Bangladeshi businesses access Canadian and other international markets; $5 million for the World Bank to support economic and institutional reforms; and $4 million for the International Finance Corporation to improve access to finance and support businesses.

These investments reflect Canada’s approach of linking development cooperation with economic opportunities. They aim to support Bangladesh’s development priorities, while creating new opportunities for businesses, investors and communities in both countries.  

During his visit, Sarai held meetings with Prime Minister Tarique Rahman, State Minister for Foreign Affairs Shama Obaed Islam and PM’s Adviser Mahdi Amin.

They discussed opportunities to expand economic cooperation and development partnerships in agriculture, health, education, skills development, energy and climate financing. 

Both sides also exchanged views on the Rohingya crisis and the importance of advancing durable solutions together and with partners.