Prime Minister Sheikh Hasina inaugurated Bangladesh Infrastructure Development Fund (BIDF) today, 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 today at the Finance Division.

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

Prime Minister Sheikh Hasina joined the signing ceremony as chief guest virtually from her official residence Gono Bhaban.

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

During the Covid-19 pandemic, the country's foreign currency reserve increased along with a reduction in other costs, Sheikh 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 that the government has framed BIDF to meet the country's import costs of six months considering frequent natural calamities that happen here, 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, adding, "It will not only be beneficial for the country but will also 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 Prime Minister expressed her gratitude to the authorities concerned to materialise her concept of using the surplus foreign currency reserve.

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.

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

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

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