DHAKA, Nov 28, 2024 (BSS) - Financial and technical agreements on development cooperation worth 180.807 million EUR were signed today between Bangladesh and the Federal Republic of Germany.

Following the fruitful negotiations of the two governments on May 13-14 this year, the available amount totaling up to EUR 180.807 million (approx. Taka 2,265 crore) were included in these agreements with up to EUR 45.8 million for technical cooperation and up to EUR 135 million for financial cooperation.

Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division (ERD) and Achim Tröster, Ambassador of the Federal Republic of Germany to Bangladesh signed the agreements on behalf of their respective governments, said a press release.

The signing ceremony was attended by officials from the government of Bangladesh, the German Embassy in Dhaka, the German Development Bank KfW, the German technical cooperation agencies GIZ and BGR.

The cooperation under these agreements will take place in the areas of Renewable Energy and Energy Efficiency (up to EUR 50.5 million), Sustainable Urban Development (up to EUR 95.5 million), Technical and Vocational Education and Training (TVET) (up to EUR 5.0 million), Socially and Environmentally Sound Supply Chains, Trade and Infrastructure (EUR 12 million), Protection of Biodiversity (up to EUR 6.0 million) and for a project on combating domestic violence against women and children (up to EUR 7.0 million).

Germany has been providing financial and technical assistance for the development of Bangladesh since 1972, which amounts today to a total of over 3.5 billion EUR.

German–Bangladesh Development Cooperation has a long-standing history in supporting infrastructure, health, poverty alleviation, good governance and human rights, energy efficiency and renewable energy, climate change adaptation.

The present agreement marks the continuation of successful bilateral cooperation that contributes to the Sustainable Development Goals. “We are glad to continue our support for the Bangladeshi success story” the German Ambassador said.

Bangladesh and Germany have embarked on a journey of cooperation that spans various sectors, from economic development and trade to education, health, and beyond.

At its core, this partnership is rooted in the shared values of democracy, inclusivity, and sustainable development, ERD Secretary Shahriar Kader Siddiky said in his opening remarks.

He also mentioned that one of the hallmarks of Bangladesh-Germany bilateral cooperation is the commitment to fostering economic growth and prosperity.

Germany has been a crucial partner in supporting Bangladesh's efforts to strengthen its infrastructure, expand its industrial base, and enhance its competitiveness in the global market.

Through initiatives such as technical assistance, capacity building, and investment promotion, Germany has played a pivotal role in empowering Bangladesh to realize its economic potential and improve the livelihoods of its people.

Additionally, the jute industry has long been a vital part of our economy. However, it faces challenges related to modernization, market access, and the development of sustainable production practices.

With the global shift towards environmentally friendly materials, there is an immense potential to expand the country’s jute sector by incorporating innovative technologies and best practices in production and marketing.

The ERD Secretary sought Germany's assistance in providing technical support to modernize the jute industry.

“This could include support for research and development in jute processing technology, capacity building for farmers and manufacturers, and facilitating access to international markets through trade partnerships,” the ERD Secretary mentioned.

Shahriar also thanked the German government for their ongoing support to Bangladesh.