DHAKA, Bangladesh — A elder official of the European financing financial institution says the regional lending agency is keen to double its financing for Bangladesh, but she expressed concern over human rights as the country endures a spell of political turmoil.
In an interview with The Associated Press, the financial institution’s Vice President Nicola Beer said the lending arm of the European Union will back reforms initiated by the interim government headed by Nobel tranquility Prize laureate Muhammad Yunus that has been running the country since former Prime Minister Sheikh Hasina was ousted in mass protests in early August.
The 27-country European Union is the largest goal for Bangladesh’s garment exports, a vital lifeline for millions of the country’s workers that earns the country more than $36 billion a year. The industry employs about 4 million workers, mostly women from rural areas.
Beer said the Luxemburg-based lending agency wants to double its financing financing collection for Bangladesh to 2 billion euros ($2.06 billion) while supporting the South Asian country’s democratic shift, rule of law and freedoms of expression.
“Yes, of course, we are focusing on human rights, rule of law and liberty of expression,” she said. “In our discussions we always are very firm on these points that the liberty of expression, liberty of view … are very significant, and that this and all the following governments have really to make sure that these human and citizens rights are guaranteed.”
Hasina has been in exile in neighboring India since Aug. 5, when she fled the country. Yunus has promised to hold an election in December of this year or in the first half of 2026, depending on advancement in reforms in various sectors.
Yunus is facing criticism over problems with law and order, rising goods prices, treatment of minority groups and economic woes after many factories were shuttered due to labor protests or impoverished safety. financial expansion fell to only 1.8% percent in the July-September quarter as learner-led unrest disrupted business activities, according to a update released earlier this month by the Bureau of Statistics.
Beer said she appreciated reform measures taken by the Yunus-led government.
“This is significant from what I listen, especially from entrepreneurs, is that they are applauding this course of reforms, which is now on the table,” she said. “So, we as a financial institution (will) try to back because this is significant for the economy here in Bangladesh, for investors … coming from outside or inside the country.”
In October, the globe financial institution slashed its projection for the financial year that will complete in June to 4%, citing “significant uncertainties following recent political turmoil.”
The European financing financial institution is involved in some major infrastructure advancement projects, mainly concentrated on green vigor, secure water, communication and climate transformation.
Beer visited financial institution-funded projects and met with officials, including Yunus, during her three-day visit to Bangladesh.
She emphasized the importance of working on integrating the region in such areas as electricity grids that could link to hydropower projects in mountainous Nepal, for example.
“I ponder we should discuss in the region to get more out of this interconnectivity, because this is a triumph-triumph circumstance, a triumph circumstance for Bangladesh, a triumph circumstance for the smaller neighbors like Bhutan and also Nepal or Myanmar. And it could be also a triumph circumstance for India,” she said.
