Investment Summit bags $15.2b pledge

The two-day Bangladesh Investment and Policy Summit (BIPS) 2016 ended in the capital on Monday with a total investment commitment of US$ 15.2 billion, mostly in the country’s power and energy and infrastructure sectors.

Two giant Indian conglomerates – Reliance Power Ltd and Adani Power Ltd – have pledged to invest $ 11.2 billion, while local Summit Group has made commitment for $ 3.0 billion investment outlay.

Besides, International Finance Corporation (IFC), the private sector lending arm of World Bank Group, has also agreed to make $ 1.0 billion investment, especially for development of infrastructure.

Adani Power will invest $ 5.0 billion to set up two power plants – one in Bangladesh and another in India – with the capacity of 1,600 megawatts each, for exclusive power supply to Bangladesh.

It will also invest $ 3.2 billion for construction of transmission inter-linkages between Bangladesh and India, which will ultimately add to a larger regional power trading system in South Asia. This also involves building port infrastructures and other logistic supports.

Adani Group chairman Gautam Adani and Reliance Industries Limited vice-chairman Samir K Gupta made the announcements.

Summit Group chairman Aziz Khan also announced the investment outlay for a coal-based power plant. BIPS organisers also confirmed the $ 1.0 billion investment from IFC.

Board of Investment (BoI), the government’s apex investment-promotion agency, Business Initiative Leading Development (BUILD) and Prime Minister’s Office (PMO) jointly organised the summit for showcasing private invest opportunities in key sectors and demonstrating opportunities for potential value addition in those sectors for a sustained economic growth.