Bangladesh has requested ADB's private-sector lending arm to finance private enterprises to help the country score double-digit economic growth, in a divergence from its current funding practice.

Officials said Wednesday the government had made the plea to the Asian Development Bank (ADB) during the Bank's recent meeting in Japan, as the private sector is emerging as growth engine.

"Currently, ADB helps the government of Bangladesh only for public-sector development works. Now we have requested the Bank to come forward with their loans for the private sector, too, as that is the growth engine in the country," Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam told the FE.

He said at a bilateral meeting on the sidelines of ADB's annual general meeting early May in Japan they had requested ADB President Mr Takehiko Nakao to finance Bangladesh's private sector through its private-sector lending window.

"We have also requested the Director General and the Executive Director of the South Asia Department of the Manila-based lender to consider Bangladesh's appeal for the private-sector lending," he added.

Government alone cannot play role to help the economy grow sans support of the private sector, Mr Azam said.

The ADB operates in Bangladesh with its loans and grants for public-sector development projects only. It does not lend to private-sector enterprises.

The Manila-based lender has a Private Sector Operations Department (PSOD) which finances the private enterprises in some of its member- countries.

However, it usually does not work in Bangladesh.

World Bank Group's two lending arms -- the International Finance Corporation and the Multilateral Investment Guaranty Agency (MIGA)- finance and support Bangladesh's private-sector enterprises for the growth in their business.

The IFC had already confirmed $635 million for 13 projects in Bangladesh until last financial year (FY), 2015-16.  Its committed total portfolio in Bangladesh as of June 2016 amounted to about $1.0 billion in 47 projects.

The Corporation promotes sustainable growth and private-sector development in Bangladesh by investing in critical infrastructure, boosting financial inclusion, enhancing textiles competitiveness, and supporting reforms to make doing business easier for the private sector.

MIGA has already given guarantee to many private firms in Bangladesh to get foreign loans and supports.

According to the ADB, its PSOD provides key support for job creation, access to finance, and business opportunities across ADB-member countries.

In the last calendar year, 2016, the Asian Bank approved $2.5 billion in new financing to support private-sector operations in the region, while mobilising $5.8 billion in direct value-added co-financing. The combined $8.3 billion fund for 2016 was 15 per cent higher than in 2015, billed a new record.

ADB's private-sector operations are focused on assisting member-countries in achieving the Sustainable Development Goals as well as the targets laid out in the Paris Agreement on climate change.

A senior ERD official said: "Bangladesh needs to grow its economy at a double-digit rate. So, the ADB's prospective help to the private sector will facilitate the economic expansion here."