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South Asian Update
South Asian Update

South Asia

EU loans are much more attractive than others: ambassador Charles

 Published: 15:18, 11 June 2024

EU loans are much more attractive than others: ambassador Charles

The European Union ambassador in Dhaka, Charles Whiteley said, 'I do not know about the conditions of loans from others, but our loan conditions are quite good and attractive.' With reference to Chinese loans, he said that EU credit does not aim to trap Bangladesh in more loans. 

During an event organized by the Diplomatic Correspondents Association, Bangladesh (DCAB), Ambassador Whiteley discussed a range of topics including economic development, climate change, defense and security cooperation, the Rohingya crisis, and future challenges.
Whiteley commended Bangladesh's record on repaying foreign loans, noting that the average debt-to-GDP ratio in many Asian countries is around 80 percent, while it is even higher in EU countries. He highlighted that Bangladesh's relatively low debt-to-GDP ratio indicates it is a reliable borrower.
He pointed out that the International Monetary Fund (IMF) is pleased with Bangladesh's economic position and is providing support. Consequently, the European Investment Bank (EIB) is interested in investing in Bangladesh, particularly in renewable energy projects.
When asked about China's Belt and Road Initiative (BRI) and the EU's Global Gateway, Whiteley responded, "Media reports suggest Bangladesh has borrowed USD 50 billion from China. However, I am not privy to the specific conditions of that credit."
Reflecting on Bangladesh's progress over the past decade, Whiteley remarked, "The transformation in Bangladesh over the last 10 years is remarkable, especially in the information and technology sectors. I am very optimistic about Bangladesh's future."
He also praised Bangladesh's efforts in countering terrorism and militancy, recalling the militant attack on Holey Bakery about eight or nine years ago. Since then, Bangladesh has made significant strides in combating extremism.
Additionally, Whiteley lauded Bangladesh's handling of the Rohingya crisis, asserting that the international community will continue to support Bangladesh in finding a resolution to the issue, prioritizing it on the global agenda.

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