Prime Minister Sheikh Hasina yesterday inaugurated Bangladesh Infrastructure Development Fund (BIDF), aiming to finance different development projects from the country's fund.

BIDF -- formed to take funds from the foreign exchange reserves -- began its journey through financing capital and maintenance dredging in Ramnabad Channel of the Payra Port.

To this end, a tripartite agreement between the Finance Division, Payra Port Authority, and Sonali Bank was signed yesterday at the Finance Division.

BIDF is the first fund of its kind in South Asia, which will finance such development activities.

The prime minister joined the signing ceremony as chief guest virtually from her official residence Gono Bhaban in the capital.

Speaking on the occasion, she said as a developing nation, Bangladesh now has to move forward on its own and finance its development work.

During the Covid-19 pandemic, the country's foreign currency reserve increased along with a reduction in other costs, Hasina said, adding that the government has thought about the potential use of this foreign currency to move away from loan dependency.

She also said the government has framed BIDF to meet the country's import costs of six months considering frequent natural calamities, and utilise the surplus forex reserve for profitable development works.

"This endeavour will be for an effective investment of surplus foreign currency reserves," she said. "It will not only be beneficial for the country but also will help us grow our confidence and self-esteem, and we will be able to show the world that we can do it."

The premier said investors now could borrow from BIDF and use it in the country's development initiatives.

The PM also expressed her gratitude to the authorities concerned to materialise her concept of using the surplus foreign currency reserve.

Regarding the financing, she said deep sea port  could be established in future centring Payra Port. In the financing of Ramnabad Channel, Bangladesh Bank will issue loan to Sonali Bank, which will disburse it to the Paira Port as loan.

The country's foreign exchange reserves now stand at a new record of over US$ 44.02 billion due to the upward trend of remittance.

About the country's development and success, the prime minister said love for people and the country is the main "magic" behind this development of Bangladesh.

She also stressed on the necessity of boosting the country's production and expansion of the market so that local products are exported after meeting domestic demand.

Extending her gratitude to the country's people, she said they have carried out this development as people voted them to be in power for a long term.

Regarding the Covid-19 situation, the PM said the second wave of the coronavirus is already there to some extent.

"I request you all to follow the health safety protocols, even after being inoculated," she added.

At the event, Finance Minister AHM Mustafa Kamal, State Minister  for Shipping Khalid Mahmud Chowdhury, and Bangladesh Bank Governor Fazle  Kabir also spoke.

Senior Secretary of Finance Division  Abdur Rouf Talukder made a presentation on the country's micro-economy  and BIDF while PM's Principal Secretary Dr Ahmad Kaikaus  moderated the programme.

At the beginning of the event, a theme song was played while a video on Payra Port was screened.