Bangladesh Cabinet Green Signals The Amendments To (Ppp) (Amendment) Law, 2019

The public private partnership projects were executed under the law enacted by the Bangladesh Public-Private Partnership (PPP) Act, 2015 which has a framework to develop partnership with players of private sector by targeting local and foreign investment to develop infrastructure to accelerate the socio-economic progress of the nation and thereby raise the living standard of the people.

The new amendments were necessitated because the existing law had no provision of government to government schemes i.e. G2G. But after the enactment of PPP Act 2015, Bangladesh government entered into investment deals with governments of various countries.

As said by the higher political echelons the Memorandum of Understanding (MoU) and investment treaties have been signed by the Bangladesh Government with Governments of Japans, Singapore, South Korea and United Arab Emirates (UAE). The main clauses or provisions of such investment deals were the "Policy for PPP Projects Implemented via Government to Government (G2G). With inclusion of G2G as basis of investment deals in the international transactions, the municipal laws had to be amended in tandem.

In pursuance of the above, the sub-sections of the PPP Law of Bangladesh, 2015 amended Section 2 (6 Ka), Section 13 (3) and Section 13 (4) have been incorporated for the undertaking and implementation of the G2G projects.

This amendment shall prove to be beneficial for Bangladesh to spur investor confidence from other nations that are more than willing to invest in Bangladesh's infrastructure to contribute to national progress.

 

Source: Mondaq