Government of the People’s Republic of Bangladesh

Ministry of Finance
Economic Relations Division
UN Brach-3 (Supernumerary)
Sher-e-Bangla Nagar, Dhaka
www.erd.gov.bd

Foreign Tour Report

Name of the Programme : Exchange visit for the key partners of ICICF project for
exchange of knowledge and experience on climate
financing, sustainable finance and SDG localization.
Organizers : GIZ Bangladesh with the support from GIZ, Indonesia
Venue: : Jakarta, Indonesia
Date: : 24-30 July 2023
Submitted by : Exchange visit team led by Mr. Md. Shahriar Kader
Siddiky, Additional Secretary, Economic Relations
Division (ERD)
Participants : 5 participants from ERD
1 participant from the Governance Innovation Unit
(GIU), PMO
3 participants from Bangladesh Bank and
3 participants from GIZ, Bangladesh
The Government Orders for the exchange visit is
attached herewith.
Aim of the visit : The exchange visit aims to promote exchange of
knowledge and experiences between the key officials of
the implementing partners of the project with
government officials from other countries who have
experience in the areas of climate finance coordination,
sustainable finance and instruments, and SDG
localization. The visit is expected to expand the
knowledge-base on climate finance, share lessons
learnt and promote South-South cooperation and
networking between the officials of both countries.

Background
The ICICF Project
Financed by the German Government’s SDG 2030 Implementation Initiative, the Improved Coordination
of International Climate Finance (ICICF) Project supports national and local actors to develop capacities
to diversify climate finance opportunities in the context of SDGs, to approach further bilateral and
multilateral donors with climate and to promote private sector climate finance mobilization. Under the
project GIZ supports ERD to set up an International Climate Finance Cell (ICFC) for improving the access
to international climate finance. The project is also working with the Sustainable Finance Department
(SFD), Bangladesh Bank to implement and operationalise the Sustainable Finance Policy and promote
the 68 green products and private sector climate finance in the country. In cooperation with the Prime
Minister’s Office, it is supporting in capacity strengthening of the selected City Corporations and
Municipality officials in SDG Localisation.

Context of the Visit

As part of the capacity strengthening process of ERD and implementing partners and sustainability of
the initiatives beyond the project, the project aims to support a south-south exchange on the topics of
climate finance mobilization from the public and private sector as well as SDG Localisation, within the
interest of ERD. The resources that will be required to attain the SDGs in economic, social and
environmental areas cannot be met from the Official Development Assistance (ODA) alone. Southern
technology, experience, expertise and supports can help supplement to the existing process of
development.

In the global south, Indonesia follows a similar country-led progressive approach towards climate
finance coordination with CF Focal-points 1. The country has already successfully launched the Green
Sukuk2,3 on an annual basis. Therefore, the exchange visit to Indonesia was arranged by the project to
expand the knowledge base on climate finance, government coordination processes on climate finance,
demonstration of climate change projects and green technologies and share lessons on SDG Localisation
approaches and best practices at national and local level as well. During the visit the team had sessions
with six Indonesian ministries/agencies and the Country Director and his team from GIZ, Indonesia.
Below are a short review of the experience sharing events with each organization:

Directorate General of Budget Financing and Risk Management, Ministry of Finance, Indonesia
Directorate General of Budget Financing and Risk Management, Ministry of Finance, Indonesia is
working with Shariyah based green bond that is Green Sukuk. It has issued the 10-year Green Sukuk
tranche which is the fifth global Green Sukuk, priced at US$ 3.25 billion and comprising of US$ 1.75
billion 5-year and US$ 1.5 billion 10-year sukuk bonds. Presently, Bangladesh Bank is working on green
bonds. The bond market is not very developed in Bangladesh as such. The delegates met the Indonesian
delegates from Directorate General of Budget Financing and Risk Management on 26 July 2023 and
exchanged their approaches and functionality in terms of the bond market and green bond in particular.

1
https://fiskal.kemenkeu.go.id/nda_gcf/en/news/strategic-role-of-various-climate-change-financing-in-indonesia
2
Green Sukuk are Shari'ah compliant investments in renewable energy and other environmental assets. They
address Shari'ah concern for protecting the environment.

3
https://www.reuters.com/markets/rates-bonds/indonesia-raises-325-bln-its-biggest-global-sukuk-sale-2022-05-
25/
Lessons Learned
The size of bond market in Bangladesh is approximately USD18 billion as of 2021; whereas in Indonesia
it is around USD 15926 billion. Bangladesh has a negligible local bond market compared to that of
Indonesia. The country issued Investment Sukuk Rules in 2019 and Debt-Securities Rules in 2021.
Bangladesh government raised USD 0.8 billion between December 2020 – June 2021 with the
Bangladesh Government Islamic Investment (Sukuk) for the implementation of the government's safe
water supply project and USD 0.5 billion in December 2021 with shariah-based "Ijarah Sukuk" for
infrastructure development of primary schools. Bangladesh Bank issued Policy on Green Bond for banks
and Fis in 2022. Private enterprise Beximco issued Green-Sukuk al Istisna'a worth USD 0.3 billion in 2022.
We find that Bangladesh is a very new player in the local bond market and the market is still in its
primary stage. The market is highly dominated by government debt securities and bonds.

On the contrary, Indonesia started in 2008 by enacting Act Number 19 on Sovereign Sharia Securities
namely Sukuk Negara (the Act) and issued Sukuk Negara worth USD 0.3 billion that year. Sukuk Negara is
a government bond. In 2009 they launched Retail Sukuk, Global Sukuk and Hajj Fund Sukuk. The country
introduced Project Financing Sukuk in 2013. These are Sukuk Negara issued for directly funding various
government projects. Accumulated project financed by Sukuk Negara from 2013-2022 amounts to USD
11.69 billion.

Figure 1: Volume of trading, Sukuk Negara

Figure 1 Shows that trading activity has increased following the rising number of tradable Sukuk Negara
issuances. The implementation of Primary Dealership (PDs) system and benchmark series promoted
competitiveness of Sukuk Negara yield. Indonesia launched Green Global Sovereign Sukuk in 2018 and
raised USD 5 billion from the global market. In the local market the country launched Green Retail Sukuk
and raised USD 0.8 billion. In 2020 it issued Cash Waqf linked Sukuk aiming at the development of
Islamic Social Financing Scheme. A few Indonesian government projects funded by Sukuk Negara is given
below:

 LRT Sumatera Selatan

 Palau Balang Bridge
 Tomia Port
Indonesia has developed thematic financing instrument for climate related projects and initiatives. It
developed Climate Budget Tagging tool for monitoring and tracking climate related expenditures in the
national budget system. Ministry of National Development Planning (BAPPENAS) prepares the list of
programs and activities for climate action aligned with green and SDG framework and then carry out a
third party assessment of the Green Sukuk before first issuance. Indonesia undertakes investor
communication (roadshows etc.) to popularize the sukuks. Finally, Green Sukuk Impact report is
prepared and in turn audited by KPMG, EY etc. and then they go for publishing. 100% Used for financing
or refinancing of green projects. Indonesia is first Sovereign Green Sukuk issuer in the world.

We find that Indonesian bond market is highly developed in comparison with that of Bangladesh. The
country introduced innovative ideas in blended finance and has already diversified its financing portfolio
for development projects. The bond market is primarily driven by local demand.

Fiscal Policy Agency, Ministry of Finance, Indonesia

Fiscal Policy Agency in Indonesia deals with climate finance coordination among CF Focal points within
Indonesian Government. The Fiscal Policy Agency, Indonesia and ERD, Bangladesh are also working as
the NDA Secretariats to GCF in respective countries and has developed the Country Work Programme
for Climate Change Projects. In a meeting held on 26 July 2023 with the Fiscal Policy Agency delegates
the Bangladesh delegation exchanged their experiences and approaches with GCF.

Lessons Learned
Statistically, Bangladesh has two GCF Direct Access Entities (DAE) namely, IDCOL and PKSF where IDCOL
mainly deals with mitigation projects and PKSF with adaptation projects. Indonesia also has two DAEs
including Kemitraan bagi Pembaruan Tata Pemerintahan (Partnership for Governance Reform) and PT
Sarana Multi Infrastruktur (PTSMI). Whereas Indonesia currently has 13 GCF projects, only 3 of which
are country specific, and the rest are multi-country projects, Bangladesh has 8 country-specific ongoing
projects and 1 multi-country project. The statistical scenario of GCF financing in Bangladesh and
Indonesia is given below:
 2000
1820
1800
1600
1400
1200
1000
800
600 468.69
370
400
168.39
200
0
GCF Finance Co-financing

Bangladesh Indonesia

Figure 2: Share of GCF financing and associated co-financing in Bangladesh and Indonesia (in million USD)

16%

26%
36%

5% 64%

6%
47% Grant Results-Based Payment Guarantee Loan
Equity

Figure 3: Fig 1b: Mix of GCF funding basket, Indonesia Figure 4: Fig 1b: Mix of GCF funding basket, Bangladesh

Figure 2 and 3 shows that Indonesia is dealing with a much-diversified financing basket including grant,
loan, equity, guarantee and result-based payments. However, Bangladesh only deals with loan and
grant. During discussion representatives from both the countries discussed about the following
challenges in accessing GCF funding:

 As the projects need to be evidence based, the preparation process is data hungry and
appraisal process is complex and time consuming.
 The accreditation process for DAEs is lengthy. The small number of DAEs constrains the number
of prepared proposals for funding.
  Multi-country projects are difficult to monitor. The NDAs has limited access to information for
such projects.

As Bangladesh is implementing more country-specific projects, the Indonesian delegates wanted to

know how Bangladesh is facilitating the project development initiatives and how the country is
monitoring the ongoing country-specific projects. The Bangladesh delegates informed that nexus with
the local universities and research institutions is a driver for capacity building of the executing entities
and expedited project preparation. The DAEs play an important role here.

Both the delegates described how each prepared their Country Programs. The stakeholder engagement
process is somewhat similar. However, Bangladesh applied a scoring methodology for preparing the
prioritised project list. Indonesia did not do prioritisation as different ministries has different priorities
and Fiscal Policy Agency did not do a blanket prioritisation.

Ministry of National Development Planning - SEKRETARIAT NASIONAL SDGS

On 27 July, 2023 delegates from Bangladesh along with the GIZ officials visited the Ministry of National
Development Planning, Indonesia (BAPPENAS). BAPPENAS is responsible for SDG implementation and
coordination in Indonesia. The SDGs National Secretariat is situated withing BAPPENAS. In Bangladesh,
this responsibility lies with the Prime Minister’s Office. Mr Yanuar, National Secretariat Expert Team
Coordinator for SDGs, and Wahyuningsih Darajati, Senior Functional Planner, BAPPENAS received the
Bangladesh team and facilitated the session.

Lessons Learned
Mr. Kazi Md. Mohsin Uzzal, Deputy Director, Governance Innovation Unit delivered a presentation on
SDGs implementation progress in Bangladesh on behalf of the delegates from Bangladesh. He
mentioned the remarkable progress made by Bangladesh in terms of implementation of SDGs under the
prudent and dynamic leadership of the Honorable Prime Minister, Sheikh Hasina. Bangladesh has
successfully aligned its 8th Five Year Plan, Vision 2041, Delta Plan-2100 and Annual Performance
Agreement system with the indicators and targets mentioned in the SDGs 2030 agenda. Mapping of the
ministries/divisions/organisations has already been done as Lead, Co-lead and Associates. Each ministry
has formulated their own SDG Action Plan and General Economic Division (GED) is using the SDGs
Monitoring and Evaluation Framework to assess the progress of SDGs.

Moreover, SDG tracker has been launched and data gap analysis has been done (183 indicators data
available now). Bangladesh has also approved 39+1 priority indicators for localisation of SDGs.
Sustainable Development Solutions Network, A Global Initiative for the United Nations duly noted the
progress of Bangladesh and henceforth awarded the Honorable Prime Minister of Bangladesh, Sheikh
Hasina with the SDG Progress Award in 2021. Bangladesh is now ranked at 104 among 163 countries
with a score of 64.2 in terms of implementation of SDGs.

Wahyuningsih Darajati, an officer from the National Development Planning Agency of Indonesia
delivered another presentation on the implementation status of SDGs in Indonesia. Indonesia has Vision
2045 along with 6 main Strategies (Competitive Human Resource, Green Economics, Domestic Economic
Integration, Productivity of Economic Sector, Digital Transformation, and New Capital City) for
Indonesia’s Economic Transformation. Their motto is “Build Forward Better”: with SDGs as the main
framework. Their Economic Transformation was initiated on Medium Term Development Plan 2020–
2024 which is in line with the SDGs.

Legal background of SDGs

They have a Presidential Regulation No. 111/2022 concerning Implementation of SDGs Achievement as a
basis for SDGs national and subnational action plan. Political will, strong legal basis and good strategy
are the key to their success. Indonesia has SDGs Roadmap and Action Plans of SDGs at the national and
sub-national levels. They have improved multi-stakeholders’ (Government, civil society, academia
philanthropy and business) role through National SDGs Coordinating Team to carry out the National
Steering Committee instructions.

SDGs Co-ordination

They have a Steering Committee led by the President of the Republic of Indonesia, an Implementing
Coordinator led by Minister of National Development Planning/Bappenas and Implementing Committee
(expert team) led by Deputy Minister for Maritime and Natural Resources, Bappenas. Implementing
Committee has a secretariat which has 4 working groups on 4 different pillars.

SDGs Localisation

The article 5 and 15 of the Presidential regulation stipulate the SDGs implementation at the local level.
Their SDGs Platform has members form the government, parliaments, philanthropy and private sector,
academia and experts, and NGO and media. Implementation of SDGs at the local level is supported by
Universities through the SDGs Centre. As of July 2023, 40 SDGs Centre have been established across
provinces. (As of June 2023)

Indonesia’s SDGs implementation strategy can be summarised as:

 Integration of the SDGs into the National Medium Term Development Planning (RPJMN)
 SDGs Roadmap (consists of projection, interlinkages, financing strategy)
 SDGs National Action Plan (5-year operational plan consists of program/activities from line
ministries and Non-State Actors for SDGs achievement) SDGs NAP 2020-24
 SDGs Provincial Action Plan (32 out of 38 Provinces)
 Monitoring, Evaluation, & Reporting (SDGs annual report at the national and subnational level,
Voluntary National Review (VNR) in 2017, 2019 and 2021, SDGs Dashboard: visualization and
analytical platform to monitor SDGs indicator progress and achievement)

SDGs progress in Indonesia and SDGs Dashboard (Metadata):

Indonesia has made solid progress in achieving SDGs. According to the 2023 Sustainable Development
Report, Indonesia is now ranked at the 75th position, jumped from 102nd rank 4 years ago. The SDG
index score increased by 6 percentage point since 2019. However, much effort remains to be put for
certain goals:
  Stagnating: SDG 2, 7, 11, 13, 14, 15, 16, and 17.
 Major challenges: SDG 2, 3, 7, 14, 15, and 16.
 63% or 141 indicators out of 222 reported indicators are achieved.
 There are still 22% or 48 indicators that need special attention and require acceleration to be
back on track.
 33 indicators out of 222 reported indicators are on the way to be achieved

SDGs Financing:
Indonesia has also reinforced the innovative financing platform for SDGs.

- To align 47 priority plan with SDGs: Responsibility of Ministry of Investment

- To mobilize the private sectors to participate into SDGs National Action Plan:
Responsibility of Indonesia Stock Exchange
- To catalyse resource mobilization from private sectors in taking action on SDGs National
Action Plan: Responsibility of Ministry of State owned Enterprises
- To develop Green taxonomy, sustainable financing and sharia ecosystem synergy: SDGs
Bonds & Green Sukuk, Indonesia Impact Fund, SDGs Investor Mapping, ISO and SDGs
Alignment, INFF

PT Sarana Multi Infrastruktur

PT Sarana Multi Infrastruktur is an Indonesian state-owned non-bank financial institution engaged in
infrastructure financing. PT SMI is one of the two DAEs for GCF in Indonesia that primarily works with
mitigation projects in the energy sector and other infrastructure projects. In Bangladesh, IDCOL is a
similar non-bank financial institution that works with the renewable energy projects. The Bangladesh
delegation had a meeting with representatives from PT SMI on 26 July 2023. Mr. Fakhrul, Team Leader
Business Development and Strategic Partnership, and Putri Faranzia, Public Sector Finance 2 Division
met the team from PTSMI.

Lessons Learned
The company was established by the Indonesian government on February 26, 2009 to act as a catalyst
for infrastructure development in Indonesia. The first infrastructure project financed by the company
was an irrigation project worth USD 18.93 million. In 2010, together with ADB, IFC, and DEG, the
company formed PT Indonesia Infrastructure Finance. In 2011, the company was assigned by the
Minister of Finance to be the facilitator for the preparation of two PPP pilot projects, namely the
Soekarno-Hatta Airport Railway development project and the Umbulan Water Supply System (SPAM)
development project. In 2012, the company expanded into the consultancy business. In 2013, the
company inaugurated the SMinfra18 Infrastructure Index in cooperation with the Indonesia Stock
Exchange. This index comprises 18 infrastructure stocks and its supporting companies which is a
reference for investors and infrastructure companies that want to join the stock market. In 2015, the
company received permission from OJK to expand the sectors that can be financed, namely social
infrastructure (hospitals, markets, terminals, etc.), tourism infrastructure, and slanting. Also in 2015, the
company entered into a credit facility and quasi-equity facility agreement with the French Development
Bank (AFD) for development in the renewable energy and climate change sectors. The company also
financed the Medan-Binjai Toll Road with a tenor of 25 years and a grace period of 15 years.

The company then launched its Cash Deficiency Support (CDS) product, which was first implemented in
the financing of the Palembang-Indralaya Toll Road construction project with a 25-year tenor. In 2017,
the company established a Sharia Business Unit (UUS) to accommodate financing needs under sharia
schemes. The company then participated in the largest sharia syndicated financing in the electricity
sector. PTSMI offers Complete Infrastructure Development Solutions through its Three Core Business
Pillars, namely: financing and investment, advisory service and project development.

Figure 5: PT SMI sustainability products

PT SMI is successfully operationalizing blended finance in its portfolio management in sustainable

finance by ~

- Diversifying its source of finance including bonds (28%); borrowing from commercial bank (29%);
multilateral and Development Finance Institutions (9%) such as offshore loan syndication; and
government of Indonesia (34%).
- Aligning with climate change and Environmental and social safeguards policies in project
selection.
- Since the issuance of the Green bond in 2018 the company invested 36.3% of the proceedings in
renewable energy projects (2) and clean transport project (lite rail transit).
- The company is a partner of SDG Indonesia One. It is the first green finance facility in Southeast
Asia, SIO-GFF comprises four pillars focusing on commercial financing, concessional fund for de-
risking, equity fund, and project development. ADB is providing a 20-year financial
intermediation loan worth $150 million that is intended to support SIO-GFF projects on green
 recovery and to achieve the SDGs. This undertaking stems from a memorandum of
understanding that ADB and Indonesia’s Ministry of Finance signed in 2018.

Figure 6: The blended finance model of SDG Indonesia One Platform.

Mayasari Bakti, Jakarta

Mayasari Bakti is primarily a intra-city bus operating company engaged in the transportation sector
operating in Greater Jakarta. Currently, Mayasari Bakti operates a fleet for Transjabodetabek, Patas,
Regular and Transjakarta services. In 2022 the company, through a series of contracts with three
companies added 30 electric buses in its trans-Jakarta fleet. The Company in the process of adding 200
more of these vehicles shortly. Electric bus project is an appropriate example of commercial green
project and can be a venture for climate finance. The Bangladesh Delegates went to visit the company
and hear from them about their experience in terms of operating, fueling and maintaining these bus
fleets from Mayasari Bakti on 27 July 2023.

Lessons Learned
Mayasari Bakti went into a contract with PT VKTR® for importing 12-meter-long 30 electric buses from
vehicle manufacturing company BYD, China. The contract is a ten-year one that includes maintenance of
the vehicle fleet including training for technology transfer with a provision for 3-months trial. According
to the contract, PT VKTR® will also provide spare parts, tools and equipment and charging operator etc
24/7 for the contract period. PT Mayasari has another contract with PT. Tranportasi Jakarta that
established the charging station at the PT Mayasari But Depot in the outskirts of Jakarta where the
Ebuses stay. PT. Tranportasi provides training to local charging station operators which includes safety
features etc. Its contract includes operation and maintenance of the charging stations for ten years.

PROKLIM project in Pramuka Island, Ministry of Environment and Forest:, Indonesia

The Ministry of Environment and Forestry, the Government of Indonesia initiated a program in 2012
titled ‘The Kampung Iklim (Climate Village) Programme’ (ProKlim). The goal of the program is to address
the climate vulnerability of the local communities by helping them to adapt and mitigate its effects. The
program promotes a low-carbon lifestyle by disseminating and exchanging knowledge and best practices
on climate change adaptation, improving local community adaptive capacity, and involvement of
stakeholders. The ProKlim Award recognizes climate action at the local level, steered by villages and
communities. Villages and communities submit their projects to the regional offices, which in turn
submit them to the Ministry of Environment through its Directorate General of Climate Change Control.
The ProKlim activities are geared towards enhancing Non-Party Stakeholder participation to achieve the
NDC target. Local, provincial governments, districts, sub-districts, and private companies fund the
project. The Bangladesh delegation visited the Pramuka Island in Thousand Islands District on 28 July
2023 to experience how the island community with only 1000 inhabitants is implementing the projects
and thus transformed the island into a sustainable one. As Bangladesh is one of the most climate
vulnerable countries in the world, this project manifested how locally-led initiatives with support from
the government can transform communities into sustainable ones. The team was accompanied by Riza
Lestari Ningsih, Environment Division of Pulau Seribu, Indonesia.

Lessons Learned
Through Indonesia Law number 32 of 1999 Thousnad Islands (Kepulauan Seribu) was declared as a
District. The Community Discussion Forum was initiated in 2003 while Community-based Planning in
2005. Ecotourism and cultural-based tourism in the island were launched in 2006 by the local
entrepreneurs. The Village Conservation Model of Kepulauan Seribu National Park was established in
2007. In 2009 the Island started a efforts to conserve mangrove ecosystem and a movement started as
well titled “Laut Bukan Tempat sampah (Ocean is Not Your Garbage Bin)“ by the local community. In
2013 it upgraded the waste management system to protect marine ecosystem, creating A Miniaturized
shallow marine Ecosystem, coral transplantation, and sea grass transplantation.

During 2014-2017 the island scaled up its waste management system for food security and water
conservation by~

- planting and conserving coastal vegetation;

- making of biopore absorption holes; and
- down streaming of non-organic waste management through pyrolysis, recycle and upcycle.

Rumah Hijau, a local group in Pramuka Island, has started initiatives to develop a climate change
adaptive program since 2018 including sorting garbage and recycling and reusing garbage. 2018- to date:
brand creating of Climate Security and micro sized island-based for Ecotourism activities, the use of
renewable energy. The ProKlim project reinforces community based natural resources management
initiatives including rainwater harvesting, biopore and mangrove rehabilitation. Starting from at source
separation, the island is producing floor cleaners from the organic waste and diesel from plastic waste.

The Smiling Coral Indonesia (SCI) is a affiliated community group of the Thousand Islands National
Marine Park, established in 2010. SCI aims to achieve self-reliance and community welfare through
marine conservation, marine science and research, and ecotourism development, marine cultivation,
and sustainable fisheries. In Pramuka Island SCI in collaboration with the local government is promoting
coral rehabilitation for damaged reefs and coal transplantation. Pramuka Island partnered with the
government agencies, NGOs, the academia, private sector and media to convert it to a zero-waster
sustainable island.

GIZ, Indonesia
Similar to GIZ Bangladesh, GIZ, Indonesia is working closely with the Indonesian government and the
private sector to assist the country in its development. The Bangladesh delegation including
representatives from GIZ, Bangladesh visited the Country Director, GIZ Indonesia Mr Hansen Martin and
his team on 25 July 2023 and exchanged experiences on GIZ’s partnership with Bangladesh and
Indonesia. Representative from GIZ presented a PowerPoint presentation showcasing GIZ, Bangladesh’s
engagement in the country while representatives from GIZ, Indonesia presented theirs.

Lessons Learned
GIZ Indonesia is mainly working with green infrastructure, energy transition, resilient nature and ASEAN
related projects in Indonesia. In terms of Indonesia and ASEAN, GIZ has 78 projects. Five important
projects where GIZ is working in collaboration with Indonesian government include:

a. Sustainable Mobility in Metropolitan Region (SMMR II)

b. ASEAN-German Climate Action Programme (CAP)
c. ASEAN-German Energy Programme (AGEP)
d. Sustainable Management of Peatlands (SUPA/REPEAT) and
e. Circular economy and Marine Litter Prevention in ASEAN(3RproMar)

Indonesia targets to go Net-Zero by 2060. GIZ is assisting the country through technical assistance and
finance that align with the country's national targets.

Recommendations:
From the experience of Indonesian development model particularly on diversifying the development
finance basket, the team recommends the following:

 Bangladesh government might engage more with the Indonesian government and opt
for further cooperation particularly in relation to engaging the capital market in
development finance, green bonds, and diversification of development finance basket.
We can learn more about their non-bank financial institutions and sustainable finance
and sustainable partnership. To initiate, a letter of thanks from ERD addressed to the
CEOs of BAPPENAS and PT SMI could be sent.
 GIZ Bangladesh can also collaborate with its Indonesian counterpart to work together
aiming to facilitate these two countries in building lasting partnership on sustainability
matters through regional projects.
 Sustainable ecotourism along with conservation of islands could be widened in the
remote islands of Bangladesh, where similer model of Indonesia’s community based
planning could be adopted.
Signature of the participants:

Md. Saidur Rahman Mohammad Delowar Hossain Suraya Sultana

Joint Director Joint Director Joint Director
Bangladesh Bank Bangladesh Bank Bangladesh Bank

Kazi Md Mohsin Uzzal Sifat-E-Jahan Dr Sirat Mahmuda

Deputy Director Senior Assistant Secretary Deputy Secretary
Prime Minister’s Office The Economic Relations Division The Economic Relations Division

Dr Rahima Khatun Khadiza Parveen

Deputy Secretary Joint Secretary
The Economic Relations Division The Economic Relations Division

Md Shahriar Kader Siddiky

Additional Secretary
The Economic Relations Division