Bangladesh eyes budgetary support, funding for railways as Yunus heads to Tokyo

Bangladesh is expecting to get $500 million in budgetary support from Japan in addition to $250 million for the country’s railways, besides support in other areas also, as the interim government’s chief adviser, Muhammad Yunus, heads to Tokyo on an official visit on Wednesday.

Yunus will participate in the 30th Nikkei Forum Future of Asia and hold bilateral talks with Japanese Prime Minister Shigeru Ishiba, said his press secretary Shafiqul Alam on Tuesday.

Bangladesh has sought $1 billion from Japan in the form of a soft loan, and the announcement will come formally after the bilateral talks between the two leaders.

Meanwhile, Yunus has called for expediting infrastructure development in the Matarbari region, aiming to transform the coastal area into Bangladesh’s premier manufacturing and export-orientated free trade zone.

In a meeting on Monday in Dhaka, Yunus reviewed the progress of the Moheshkhali-Matarbari Integrated Infrastructure Development Initiative (MIDI).

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Emphasising the strategic importance of the region, Yunus said, “We envision Matarbari as the nation’s largest hub for ports, logistics, manufacturing, and energy. To realise this vision, we must attract substantial foreign investment.”

He directed officials to accelerate the construction of roads connecting the MIDI region to the rest of the country and to develop terminals capable of accommodating large ocean-going container vessels.

Yunus said the development of the MIDI region would be the focal point of his visit to Japan, where he will hold bilateral talks with Japanese Prime Minister Shigeru Ishiba, aiming to secure funding for key projects.

It was revealed that Japan intends to establish its second exclusive Japanese economic zone within the MIDI region. Araihazar in Narayanganj, the site of the first Japanese Economic Zone, has already attracted sizeable foreign investments.

Dhaka has signed an agreement with Japanese firms Penta-Ocean Construction Co., Ltd. and TOA Corporation to construct the country’s first deep-sea port at Matarbari.