$1b soft loan: Japanese cabinet to decide soon

Japan has been and will continue to be a faithful development partner of Bangladesh, Japanese Ambassador to Bangladesh Saida Shinichi has said ahead of Chief Adviser Prof Muhammad Yunus' four-day Tokyo visit.

Shinichi said Japan is eagerly awaiting a cabinet decision on Bangladesh's request for $1 billion soft loan as budgetary support.

"We are really expecting the agreement as soon as possible and the official announcement to be celebrated by the two leaders," Shinichi told a press briefing at the embassy yesterday.

Yunus will be leaving Dhaka for Tokyo early tomorrow. During his visit, he will present the keynote at the 30th Nikkei Forum Future of Asia. Asian political and business leaders and academics will join the conference.

On May 30, he will hold a bilateral meeting with Japanese Prime Minister Shigeru Ishiba, acting foreign secretary Md Ruhul Alam Siddique told a separate media briefing at the foreign ministry yesterday.

During the visit, the chief adviser will hold meetings with Japan Bangladesh Parliamentary Friendship League President Taro Aso, Nippon Foundation President Yohei Sasakawa, JICA President Tanaka Akihiko, JETRO President Kimura Fukunari, he said.

Yunus will attend three seminars -- on human resources development and recruitment of Bangladeshi skilled workforce to Japan; trade and investments; and with the heads of Japanese companies and the Japanese youth.

He will also address an audience at the Soka University of Japan, which will confer an "Honorary Doctorate Degree" on Yunus.

Besides, he will attend a community event at the Bangladesh embassy in Japan. Some major Japanese media, including Nikkei Media, Asahi TV, Nippon TV, Asahi Shimbun, and NHK, will interview the chief adviser.

During the bilateral meeting with the Japanese PM, heads of JICA and JETRO, the chief adviser will discuss the present status of trade and investments and the future potentials, conditions for business environment, according to Siddique.

He added that the two countries will sign seven memoranda of understanding in the areas of investment, energy, and technology.

"We also expect to sign an exchange of notes on budget support and the improvement of Joydevpur-Ishwardi dual-gauge rail line to a double line."

Bilateral trade stands at $4 billion, and the two countries are working towards inking an Economic Partnership Agreement by the end of this year.

Over 350 Japanese companies are currently operating in the country, and Japan provided $24.72 billion to Bangladesh since the independence.

Asked if Japanese companies face any difficulties in the post-August events in Bangladesh, Ambassador Shinichi said, "We have been your faithful development partner and business partner. So, it is really the business as usual or the continuity."

No Japanese company is hesitant to come up with new ideas, and many of them are talking with the Bangladesh government on their new proposals, including infrastructure projects for railways and highways. The current infrastructure projects are also progressing in full swing, he added.

"That's a special attitude of the Japanese government and companies. We are really committed."

Asked about the industrial value chain connecting Cox's Bazar-Chattogram and the northeastern region of India, the diplomat said he would not comment on regional connectivity. However, he said Japan is focusing on the projects in Bangladesh soil.

Under the Official Security Assistance framework, Japan will provide four patrol ships to Bangladesh. Both countries are also in negotiation of signing an agreement on defence cooperation, Shinichi added.