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Japan provides $1.063b for budget support, railways upgrade
Japan agrees to lend Bangladesh US$1.063 billion mainly for bankrolling budget and railway upgrade, summit talks in Tokyo Friday yielded several accords of cooperation in various fields. Of the total amount, as agreed, $418 million will come as a budget-support credit, $641 million for upg
BD-JAPAN SUMMIT TALKS YIELD SEVERAL COOP ACCORDS
Japan provides $1.063b for budget support, railways upgrade
FE REPORT
Published :
May 31, 2025 00:19
Updated :
May 31, 2025 00:19
Chief Adviser Professor Muhammad Yunus and Japanese Prime Minister Ishiba Shigeru shake hands at a bilateral meeting in Tokyo on Friday.— PID
Japan agrees to lend Bangladesh US$1.063 billion mainly for bankrolling budget and railway upgrade, summit talks in Tokyo Friday yielded several accords of cooperation in various fields.
Of the total amount, as agreed, $418 million will come as a budget-support credit, $641 million for upgrading the Joydevpur-Ishwardi section into a dual-gauge double-track railway and another $4.2 million as grants for scholarships.
The aid pledges were carried in exchange of notes following the meeting between the two countries. The visiting head of interim government of Bangladesh, Chief Adviser Prof Muhammad Yunus, and his Japanese counterpart, Prime Minister ISHIBA Shigeru, led their respective sides at the talks.
The amount of 418 million dollars is being provided as Development Policy Loan for Bangladesh's economic reforms and climate resilience, said a spokesperson for the CA Office.
During the bilateral meeting, both sides reaffirmed their commitments to the Strategic Partnership between the two Asian nations.
They also renewed their shared vision of a Free and Open Indo-Pacific (FOIP) to ensure peace, stability and shared prosperity for all.
Discussing international and regional matters of common concern, the two sides reaffirmed their commitment to enhancing cooperation for ensuring peace and stability in the region and beyond, upholding the principles of the United Nations Charter.
Both sides also affirmed their support to multilateralism based on the rule of law, as well as to democracy.
Prime Minister Ishiba reaffirmed Japan's full support to the Interim Government of Bangladesh led by Professor Yunus "in its nation-building efforts, its reform initiatives and its endeavour towards a peaceful transition in Bangladesh", says a joint press statement issued after the meeting.
Professor Yunus expressed gratitude to the Government of Japan for its continued support to foster sustainable economic growth and development in Bangladesh in advancing Japan-Bangladesh bilateral relations, especially for the projects under the Bay of Bengal Industrial Growth Belt (BIG-B) Initiative, including Moheshkhali-Matarbari Integrated Infrastructure Development Initiative (MIDI).
In this regard, both sides welcomed the signing of the exchange of notes for the Development Policy Loan for Economic Reform and Strengthening Climate Change Resilience, and the Loan for the Project for the construction of dual-gauge double-line rail in Joydebpur-Ishurdi section.
Both sides also welcomed the signing of MoUs and MoC, including ones on One Stop Service (OSS) system in BIDA, installation of prepaid gas meter, the setting up factory for battery-run cycles, the launch of a pilot project for information security, and land agreements with the Bangladesh Special Economic Zone (BSEZ), to promote Japanese investment in Bangladesh.
They underscored concluding the Economic Partnership Agreement (EPA) "in mutually beneficial way" and instructed their respective ministries and negotiating teams to accelerate negotiations to reach an agreement at the earliest.
Both sides reiterated their commitment to further strengthening political and security cooperation, including early delivery of five patrol boats to Bangladesh Navy under Japan's Official Security Assistance (OSA).
They welcomed two governments' consensus in principle on the Agreement concerning the Transfer of Defence Equipment and Technology, and expressed their hope for early conclusion of the pact.
They discussed ways of promoting people-to-people exchanges, including skilled human resources, and concurred in strengthening cultural ties between the two Asian countries.
In this regard, Professor Yunus thanked Prime Minister Ishiba for Japan's continued support for human-resource development in Bangladesh, including the Project for Human Resource Development Scholarship. Prime Minister Ishiba commended Bangladesh for temporarily sheltering the forcibly displaced persons from Rakhine State of Myanmar and extending continued humanitarian assistance to them.
Professor Yunus appreciated Japan's humanitarian assistance for these down-and-outs, including those in Bhasan Char. Japan reaffirmed its sustained efforts on this issue. Both sides shared the view that a sustainable, safe, voluntary, and dignified repatriation of the displaced persons to Myanmar is the ultimate solution to this crisis for peace and stability across the region.
Both sides also recognised the importance of sincere dialogue among all relevant stakeholders to resolve the crisis.
Meanwhile, Japan and Bangladesh signed six memoranda of understanding on economic, investment and other sorts of cooperation on Friday, the third day of the ongoing visit of Chief Adviser Prof Yunus to Japan, said a spokesperson for the CA Office. The CA witnessed the signing of the MoU accords on the sidelines of a seminar titled 'Bangladesh Business Seminar' in Tokyo. The first MoU involves the Japan Bank for International Cooperation and the ministry of energy and mineral resources of Bangladesh.
This accord is expected to strengthen cooperation between JBIC and Bangladesh to realise projects in the energy sector.
The second MoU is between ONODA Inc and Bangladesh SEZ Ltd for a land-lease contract for BSEZ.
Japan's ONODA has implemented a gas-meter-installation project initiated by JICA and is planning to do new assembly manufacturing, inspection and maintenance of gas meters at the factory in BSEZ.
The third MoU involves Bangladesh Naxis Co. Ltd and Bangladesh SEZ Ltd for a land lease in BSEZ.
Bangladesh SEZ Ltd. (BSEZ) and Bangladesh Naxis Co. Ltd (Naxis) will sign a land-sublease agreement. Naxis plans to manufacture apparel accessories at the factory in BSEZ.
The fourth MoU involves Glagit and Musashi Seimitsu Industry Glafit and the Bangladesh Investment Development Authority (BIDA) on support for setting up a factory for battery-run cycles and an electric motorcycle-manufacturing plant.
The fifth MoU involves Cipher Core Co. Ltd which is investing $20 million in its Bangladesh venture to launch a national pilot project for information security based on Complete Cipher Technology by award-winning inventor Takatoshi Nakamura.
The project aims to make Bangladesh a quantum-resilient digital economy, with exclusive rights granted to the local entity for technology deployment and global expansion.
The sixth MoU involves the Japan International Cooperation Agency and BIDA. This one confirms JICA's engagement in providing technical and in-kind support for the early-stage development of the Integrated Single Window Platform (ISWP). This platform is a BIDA-led effort to consolidate the individual one-stop services currently operated by various investment-promotion agencies across Bangladesh.
Speaking at the signing ceremony, Chief Adviser Professor Yunus congratulated all parties involved. "Now it is our task to implement. I am moved," he said.
Mentioning the situation Bangladesh had passed through in the past 16 years, the Chief Adviser said the country faced "continuous earthquakes" during the time that left "nothing in shape".
"In this situation a good friend came up... and that friend is Japan. I came here to thank you and design the next step," he told his audience.
Calling the challenge historical, the Chief Adviser said, "We want to show the history that it was done, done in a perfect way.
"We have kind of tightened our belt and say here we are to work. With your support it is doable."
In this onerous job, he stressed a combined synergy. "Let's put our hands together and execute it... it's not about making money. It's about changing people's lives."
Shinji Takeuchi, Parliamentary Vice-Minister of Economy, Trade and Industry (METI), noted at the event that the number of Japanese companies operating in Bangladesh exceeded now 300, three-fourths higher than 10 years ago.
Norihiko Ishiguro, Chairman and CEO, Japan External Trade Organisation (JETRO), delivered the welcome speech where Fumiya Kokubu, Chairman of Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC) and Director, Member of the Board, Executive Corporate Adviser, Marubeni Corporation, also spoke.
Japan provides $1.063b for budget support, railways upgrade
FE REPORT
Published :
May 31, 2025 00:19
Updated :
May 31, 2025 00:19
Chief Adviser Professor Muhammad Yunus and Japanese Prime Minister Ishiba Shigeru shake hands at a bilateral meeting in Tokyo on Friday.— PID
Japan agrees to lend Bangladesh US$1.063 billion mainly for bankrolling budget and railway upgrade, summit talks in Tokyo Friday yielded several accords of cooperation in various fields.
Of the total amount, as agreed, $418 million will come as a budget-support credit, $641 million for upgrading the Joydevpur-Ishwardi section into a dual-gauge double-track railway and another $4.2 million as grants for scholarships.
The aid pledges were carried in exchange of notes following the meeting between the two countries. The visiting head of interim government of Bangladesh, Chief Adviser Prof Muhammad Yunus, and his Japanese counterpart, Prime Minister ISHIBA Shigeru, led their respective sides at the talks.
The amount of 418 million dollars is being provided as Development Policy Loan for Bangladesh's economic reforms and climate resilience, said a spokesperson for the CA Office.
During the bilateral meeting, both sides reaffirmed their commitments to the Strategic Partnership between the two Asian nations.
They also renewed their shared vision of a Free and Open Indo-Pacific (FOIP) to ensure peace, stability and shared prosperity for all.
Discussing international and regional matters of common concern, the two sides reaffirmed their commitment to enhancing cooperation for ensuring peace and stability in the region and beyond, upholding the principles of the United Nations Charter.
Both sides also affirmed their support to multilateralism based on the rule of law, as well as to democracy.
Prime Minister Ishiba reaffirmed Japan's full support to the Interim Government of Bangladesh led by Professor Yunus "in its nation-building efforts, its reform initiatives and its endeavour towards a peaceful transition in Bangladesh", says a joint press statement issued after the meeting.
Professor Yunus expressed gratitude to the Government of Japan for its continued support to foster sustainable economic growth and development in Bangladesh in advancing Japan-Bangladesh bilateral relations, especially for the projects under the Bay of Bengal Industrial Growth Belt (BIG-B) Initiative, including Moheshkhali-Matarbari Integrated Infrastructure Development Initiative (MIDI).
In this regard, both sides welcomed the signing of the exchange of notes for the Development Policy Loan for Economic Reform and Strengthening Climate Change Resilience, and the Loan for the Project for the construction of dual-gauge double-line rail in Joydebpur-Ishurdi section.
Both sides also welcomed the signing of MoUs and MoC, including ones on One Stop Service (OSS) system in BIDA, installation of prepaid gas meter, the setting up factory for battery-run cycles, the launch of a pilot project for information security, and land agreements with the Bangladesh Special Economic Zone (BSEZ), to promote Japanese investment in Bangladesh.
They underscored concluding the Economic Partnership Agreement (EPA) "in mutually beneficial way" and instructed their respective ministries and negotiating teams to accelerate negotiations to reach an agreement at the earliest.
Both sides reiterated their commitment to further strengthening political and security cooperation, including early delivery of five patrol boats to Bangladesh Navy under Japan's Official Security Assistance (OSA).
They welcomed two governments' consensus in principle on the Agreement concerning the Transfer of Defence Equipment and Technology, and expressed their hope for early conclusion of the pact.
They discussed ways of promoting people-to-people exchanges, including skilled human resources, and concurred in strengthening cultural ties between the two Asian countries.
In this regard, Professor Yunus thanked Prime Minister Ishiba for Japan's continued support for human-resource development in Bangladesh, including the Project for Human Resource Development Scholarship. Prime Minister Ishiba commended Bangladesh for temporarily sheltering the forcibly displaced persons from Rakhine State of Myanmar and extending continued humanitarian assistance to them.
Professor Yunus appreciated Japan's humanitarian assistance for these down-and-outs, including those in Bhasan Char. Japan reaffirmed its sustained efforts on this issue. Both sides shared the view that a sustainable, safe, voluntary, and dignified repatriation of the displaced persons to Myanmar is the ultimate solution to this crisis for peace and stability across the region.
Both sides also recognised the importance of sincere dialogue among all relevant stakeholders to resolve the crisis.
Meanwhile, Japan and Bangladesh signed six memoranda of understanding on economic, investment and other sorts of cooperation on Friday, the third day of the ongoing visit of Chief Adviser Prof Yunus to Japan, said a spokesperson for the CA Office. The CA witnessed the signing of the MoU accords on the sidelines of a seminar titled 'Bangladesh Business Seminar' in Tokyo. The first MoU involves the Japan Bank for International Cooperation and the ministry of energy and mineral resources of Bangladesh.
This accord is expected to strengthen cooperation between JBIC and Bangladesh to realise projects in the energy sector.
The second MoU is between ONODA Inc and Bangladesh SEZ Ltd for a land-lease contract for BSEZ.
Japan's ONODA has implemented a gas-meter-installation project initiated by JICA and is planning to do new assembly manufacturing, inspection and maintenance of gas meters at the factory in BSEZ.
The third MoU involves Bangladesh Naxis Co. Ltd and Bangladesh SEZ Ltd for a land lease in BSEZ.
Bangladesh SEZ Ltd. (BSEZ) and Bangladesh Naxis Co. Ltd (Naxis) will sign a land-sublease agreement. Naxis plans to manufacture apparel accessories at the factory in BSEZ.
The fourth MoU involves Glagit and Musashi Seimitsu Industry Glafit and the Bangladesh Investment Development Authority (BIDA) on support for setting up a factory for battery-run cycles and an electric motorcycle-manufacturing plant.
The fifth MoU involves Cipher Core Co. Ltd which is investing $20 million in its Bangladesh venture to launch a national pilot project for information security based on Complete Cipher Technology by award-winning inventor Takatoshi Nakamura.
The project aims to make Bangladesh a quantum-resilient digital economy, with exclusive rights granted to the local entity for technology deployment and global expansion.
The sixth MoU involves the Japan International Cooperation Agency and BIDA. This one confirms JICA's engagement in providing technical and in-kind support for the early-stage development of the Integrated Single Window Platform (ISWP). This platform is a BIDA-led effort to consolidate the individual one-stop services currently operated by various investment-promotion agencies across Bangladesh.
Speaking at the signing ceremony, Chief Adviser Professor Yunus congratulated all parties involved. "Now it is our task to implement. I am moved," he said.
Mentioning the situation Bangladesh had passed through in the past 16 years, the Chief Adviser said the country faced "continuous earthquakes" during the time that left "nothing in shape".
"In this situation a good friend came up... and that friend is Japan. I came here to thank you and design the next step," he told his audience.
Calling the challenge historical, the Chief Adviser said, "We want to show the history that it was done, done in a perfect way.
"We have kind of tightened our belt and say here we are to work. With your support it is doable."
In this onerous job, he stressed a combined synergy. "Let's put our hands together and execute it... it's not about making money. It's about changing people's lives."
Shinji Takeuchi, Parliamentary Vice-Minister of Economy, Trade and Industry (METI), noted at the event that the number of Japanese companies operating in Bangladesh exceeded now 300, three-fourths higher than 10 years ago.
Norihiko Ishiguro, Chairman and CEO, Japan External Trade Organisation (JETRO), delivered the welcome speech where Fumiya Kokubu, Chairman of Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC) and Director, Member of the Board, Executive Corporate Adviser, Marubeni Corporation, also spoke.
