Japan International Cooperation Agency (JICA) – the primary Japanese governmental agency responsible for technical cooperation component of Japan’s bilateral ODA (Japan’s Official Development Assistance) programme has signed Japanese ODA loan agreements with Bangladesh to provide up to 133 billion Yen for six major projects, with the readymade garment sector of the country coming under the first project.
The readymade garment sector is a main driver of the growth and comprises 80 per cent of the country’s exports. However, against a backdrop of fierce global competition and a lack of competitiveness in the industrial sectors, it will be more and more difficult for Bangladesh to achieve economic growth in a sustainable manner despite a stable 6 per cent growth for more than 10 years, Japan International Cooperation Agency (JICA) said.
The six projects to be funded by the Japanese agency include urban building safety and improving public services, encouraging industrial diversification and promoting economic growth by improving investment climate in Bangladesh, safer and efficient transportation, improving health service to a higher level and stable power supply, a press release issued by the Japan International Cooperation Agency noted.
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