Five billion dollars of proposed investments by foreign companies in Bangladesh have been delayed ahead of general elections due in January, a top government bureaucrat said Sunday.
"Our negotiations on the proposed five billion (dollars) of investment will be delayed because of the forthcoming elections," the head of the country's investment promotion board, Mahmudur Rahman, told reporters.
The proposed investment includes India's Tata Group's three-billion-dollar plan for steel, power, coal and fertiliser operations and 1.5 billion dollars by British coal miner Asia Energy. Other investments, including in hotels by Saudi Arabia's Kingdom Holding Co would also be delayed, he said.
Bangladesh's four-party Islamist-allied government is scheduled to hand power to a neutral caretaker government in October ahead of general elections in January and has avoided taking major decisions as a result.
Bangladesh, one of the world's poorest countries with more than half its 140 million population living on less than a dollar a day, has also opposed foreign investment proposals in its massive natural gas fields because of concerns that supplies would be exported.
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