Bangladesh never falls into 'debt trap': PM

Prime minister Sheikh Hasina Monday said Bangladesh has never defaulted in repaying loans and fallen into a "debt trap", calling upon the global development partners including the World Bank (WB) to continue their investments in the digital and physical infrastructures to transform the country into a "Smart Bangladesh" by 2041.

"The present situation gives an indication of our economy's growth opportunities and absorptive capacity and Bangladesh has never defaulted on its debt repayment, or fallen into a so-called "debt trap"," she said.

Sheikh Hasina said this in an informal interaction for 50 Years Partnership between Bangladesh and the World Bank with the board of executive directors at the Shihata Conference Room at the WB headquarters on Monday morning.

World Bank executive director Parameswaran Iyer, its managing director Anna Bjerde and Alternative executive director Ahmad Kaikaus also poke at the function.

The prime minister said her government is looking for enhanced partnership with the World Bank.

"We now wish to look into the future of our partnership. The World Bank must remain focused on its core purpose of poverty alleviation and development financing," she said.

 "The World Bank is actively engaged in our digital transformation. Our government has kept its words to our people by building together a 'Digital Bangladesh' by 2021. We have set our next target to become a knowledge-based 'Smart Bangladesh' by 2041," Sheikh Hasina said.

The prime minister called upon the development partners like the World Bank to continue investing in our digital and physical infrastructure.

"We also seek international support for trade diversification, investment promotion and domestic resource generation," she said.

The prime minister said the World Bank is now committed to 53 different projects in Bangladesh, involving USD 15 billion, adding that this is part of the grants and loans of USD 39 billion so far offered by the Bank.

"Our strong performance in human capital formation is matched by our investment in infrastructure mega-projects. The construction of the 6.1 km Padma Multipurpose Bridge with Bangladesh's own financial and technical resources is a sign of our economic maturity," she said.