Source: Xinhuanet

05-23-2007 09:44

European Commission (EC) will provide Bangladesh a development cooperation assistance of 205 million euro (about 270 million U.S. dollars) in four years, private news agency UNB reported Tuesday.

Mohammed Aminul Islam Bhuiyan, secretary of Economic Relations Division (ERD) under finance ministry and Dr. Stefan Frowein, EC ambassador to Bangladesh, signed here the MoU on behalf of their respective sides.

Frowein said at the signing ceremony trade and economic development would help Bangladesh meet the challenges of globalisation and lift more people out of destitution.

Of the total, 40 million euro has been allocated for boosting trade and economic development.

The EC has allocated the fund for the 2007-2010 period with the overall objective of poverty alleviation in line with the Bangladesh Poverty Reduction Strategy Paper (PRSP).

"The focal areas which we've chosen are critical to the fight against poverty," Dr Frowein said.

The focal areas of the assistance are human and social development encompassing health and education (70 million euro), and good governance and human rights (55 million euro).

Non-focal areas are environment and disaster management (20 million euro), and food security and nutrition (20 million euro).

"The European Commission will extend substantial development support to Bangladesh during the next four years as part of our commitment to poverty alleviation in this country," Dr Frowein said.

The EC envoy said improved education and health services are an investment in the future prosperity of Bangladesh.

Embedding respect for the rule of law and human rights is also vital for ensuring a healthy political and economic environment, he added.

 

Editor:Chen Ge