导语Introduction:
为实现其宏大的“2041年远景规划”与应对巨大的基础设施赤字，孟加拉国正将公私合作伙伴关系(PPP)模式视为至关重要的国家战略。通过吸引私营部门的资金、技术与效率，孟加拉国旨在加速其能源、交通、医疗等关键领域的现代化建设。本文将深入分析孟加拉国PPP模式的实施现状、显著机遇及面临的挑战。
To realize its ambitious Vision 2041 and address its massive infrastructure deficit, Bangladesh is positioning public-private partnerships (PPPs) as a critical national strategy. By leveraging private sector capital, technology, and operational efficiency, Bangladesh aims to accelerate modernization in key sectors including energy, transportation, and healthcare. This article provides an in-depth analysis of the current implementation status, significant opportunities, and challenges facing Bangladesh's PPP model.
一、制度框架Institutional Framework
PPP项目，是指通过政府和社会资本合作(Public Private Partnership，PPP)方式实施的公共部门的项目。孟加拉国政府深刻认识到，健全的制度框架是PPP模式成功实施的先决条件。为此，该国已建立起一套较为完善的政策与治理体系。
PPP projects refer to public sector initiatives implemented through Public-Private Partnerships (PPP).
The Government of Bangladesh deeply recognizes that a robust institutional framework is a prerequisite for the successful implementation of the PPP model. To this end, the country has established a relatively comprehensive policy and governance system.
在机构设置方面，隶属于总理办公室的PPP管理局承担着中央协调机构的核心职能。该机构负责政策制定、项目识别、可行性评估、招标和合同管理等全流程工作，为PPP项目提供专业指导。各行业部委则作为实施机构负责提出和执行本行业内的PPP项目，形成分工明确的治理结构。
Institutionally, the PPP Authority under the Prime Minister's Office serves as the central coordinating body. This agency oversees the entire project lifecycle—from policy formulation and project identification to feasibility assessments, tendering, and contract management，providing specialized guidance for PPP initiatives. Sectoral ministries function as “implementing agencies,” responsible for proposing and executing PPP projects within their respective domains, thereby establishing a clearly delineated governance structure.
孟加拉政府政策框架的构建经历了逐步完善的过程。2010年孟加拉颁布的Policy and Strategy for PPP，12010及其后续修订案为PPP模式奠定了政策基础，而2016年政府发布的Procurement Guideline for PPP Projects，2016 and Guideline for Unsolicited Proposals，20162则为项目识别、准备、采购和实施提供了详细的操作规范。2018年，孟加拉国政府推出Procurement Guideline for PPP Projects，20183和Rules for Public-Private Partnership Technical Assistance Financing, 20184进一步明确细化了PPP项目的开发流程。
The development of Bangladesh's government policy framework has undergone a process of gradual refinement. The Policy and Strategy for PPP(2010)and its subsequent amendments laid the policy foundation for the PPP model. Subsequently, the Procurement Guideline for PPP Projects, 2016 and Guideline for Unsolicited Proposals, 2016 issued by the government in 2016 provided detailed operational specifications for project identification, preparation, procurement, and implementation. In 2018, the Bangladesh government introduced the 2018 Procurement Guideline for PPP Projects and the 2018 Rules for Public-Private Partnership Technical Assistance Financing, which further clarified and refined the development process for PPP projects.
并且，孟加拉国建立了由总理牵头的高层级委员会督导机制，这一顶层设计不仅体现了政府对PPP模式的高度重视，也确保了项目推进过程中的政策协调和决策效率。5
Furthermore, Bangladesh has established a high-level steering committee led by the Prime Minister. This top-level design not only demonstrates the government's strong commitment to the PPP model but also ensures policy coordination and decision-making efficiency throughout project advancement.
二、发展现状Current Development Status
经过数年的探索与实践，孟加拉国的PPP模式已从理论概念走向实质性的项目落地，展现出良好的发展态势。PPP项目涉及众多社会或经济基础设施，例如基础设施建设领域的港口、机场、公路、铁路和桥梁。能源领域的电站、输电线路;民生领域的经济特区、公共建筑、会议中心、体育设施、商业地产、住宅、教育建筑、医院、供水、污水处理等多个领域。其具体特许经营年限由PPP局、项目涉及的具体政府部门和投资人根据本项目资金回收期等具体情况共同商定，无特定的固定期限。在孟加拉国市场上，主要是当地实力较强的财团参与该项目，项目主要涉及电力、道路、学校等基础设施。6
After years of exploration and implementation, Bangladesh's PPP model has evolved from theoretical concepts to tangible project execution, demonstrating robust development momentum.PPP projects span numerous social and economic infrastructure sectors, including:
Infrastructure development: ports, airports, highways, railways, and bridges;
Energy sector: power plants and transmission lines; and in the livelihood sector, including special economic zones, public buildings, convention centers, sports facilities, commercial real estate, residential properties, educational buildings, hospitals, water supply, and sewage treatment. The specific concession period is jointly determined by the PPP Authority, relevant government departments involved in the project, and investors based on factors such as the project's capital recovery period, with no fixed term. In the Bangladesh market, these projects primarily involve participation by strong local consortiums and focus on infrastructure such as power, roads, and schools.
从项目规模来看，截至目前孟加拉国已成功签署7个PPP项目，合同总金额达约13亿美元。更引人注目的是，其项目储备库中还有43个项目正准备推出，这些项目覆盖多个关键领域，总投资潜力巨大，为投资者提供了丰富的选择空间。
In terms of project scale, Bangladesh has successfully signed contracts for 7 PPP projects to date , with a total contract value of approximately $1.3 billion. More notably, its project pipeline includes 43 additional projects poised for launch. These initiatives span multiple critical sectors with substantial investment potential, offering investors a wealth of opportunities.
在领域分布上，PPP项目主要集中在国家最迫切需求的基础设施部门。交通基础设施领域包括达卡绕城高速公路、吉大港单轨铁路等标志性项目。经济园区建设旨在打造现代化产业集聚平台。医疗健康领域涵盖专科医院和医疗设施升级。此外，水务与环保、信息通信技术等领域也有一批项目正在筹备中。目前，孟加拉国PPP局已与日本、新加坡、韩国、阿联酋的有关部门签署政府间PPP合作备忘录。在孟加拉国从事PPP合作的外国企业主要来自中国、日本、韩国、新加坡等国。
Sector-wise, PPP projects concentrate on infrastructure sectors addressing the nation's most pressing needs. Transportation infrastructure includes landmark projects like the Dhaka Ring Road Expressway and Chittagong Monorail. Economic zone development aims to create modern industrial clusters. The healthcare sector encompasses specialized hospitals and medical facility upgrades. Additionally, projects in water and environmental protection, information and communication technology, and other fields are also in preparation.
Currently, Bangladesh's PPP Authority has signed intergovernmental PPP cooperation memorandums with relevant departments in Japan, Singapore, South Korea, and the United Arab Emirates. Foreign enterprises engaged in PPP cooperation in Bangladesh primarily originate from China, Japan, South Korea, Singapore, and other countries.
2024年7月，中孟也签署了PPP合作谅解备忘录，7两国同意不断深化基础设施和工程建设领域合作。中资企业积极利用PPP模式参与孟加拉国基础设施建设。其中，帕亚拉燃煤电站项目由中机公司和孟加拉国国有的西北电力公司联合投资建设，项目模式为BOO，项目一期已建成并投入运已建成并投入运营。博杜阿卡利1320MW燃煤电站项目是北方国际合作股份公司与孟加拉国乡村电力公司联合投资的电力PPP项目，双方各占股50%，项目已于2019年8月开工。中国经济工业园项目由中国港湾与孟加拉国经济园区管理局联合投建，项目合作模式为PPP，项目开发协议尚待孟方最终批准。2018年12月，四川路桥联营体中标的达卡绕城公路项目正式签约，该项目是孟加拉国首个公路类PPP项目，已于2019年12月开工。2023年9月，山东国际、中国水电联营体建设的PPP项目机场高架快速路首段通车。
In July 2024, China and Bangladesh also signed a PPP cooperation memorandum, agreeing to deepen collaboration in infrastructure and engineering construction. Chinese enterprises actively utilize the PPP model to participate in Bangladesh's infrastructure development. Among these, the Payra Coal Power Plant project is jointly invested and constructed by China Machinery Engineering Corporation (CMEC) and Bangladesh's state-owned North West Power Company under a BOO (Build-Own-Operate) model. Phase I of the project has been completed and is now operational. The 1320MW Botuakali coal-fired power plant project is a power PPP initiative jointly invested by Northern International Cooperation Co., Ltd. and Bangladesh Rural Power Board, with each holding a 50% stake. Construction commenced in August 2019. The China Economic Industrial Park project is being jointly developed by China Harbour Engineering Company and Bangladesh Economic Zone Authority under a PPP model, with the project development agreement pending final approval from the Bangladeshi side. In December 2018, the Dhaka Ring Road project, won by the Sichuan Road & Bridge consortium, was formally signed. As Bangladesh's first highway PPP project, it commenced construction in December 2019. In September 2023, the first section of the Airport Expressway, a PPP project developed by the Shandong International and China Hydropower consortium, opened to traffic.
三、支持体系Support System
为增强PPP项目的吸引力，孟加拉国政府构建了多层次的支持体系，涵盖财政激励、金融支持和国际资源整合等多个维度。
To enhance the appeal of PPP projects, the Government of Bangladesh has established a multi-tiered support system encompassing fiscal incentives, financial support, and international resource integration.
在税收优惠方面，孟加拉国推出了极具竞争力的政策。在路网、桥梁、隧道、码头、地铁等14个大型基建领域，符合条件的PPP项目从商业运营开始日起，可享受长达10年的免税期。这一政策显著提升了项目的投资回报预期，为私营部门参与提供了强劲动力。8
In terms of tax incentives, Bangladesh has introduced a highly competitive policy package. For eligible PPP projects in 14 major infrastructure sectors—including road networks, bridges, tunnels, ports, and subways—tax exemptions lasting up to 10 years are granted starting from the commercial operation date. This policy significantly boosts projected investment returns, providing strong incentives for private sector participation.
孟加拉国的金融支持体系同样值得投资者关注。孟加拉国基础设施融资基金(BIFFL)作为专门的基础设施融资平台，已为26个PPP项目提供了约2.6亿美元的融资支持。同时，政府设立的可行性缺口资助(VGF)机制，专门用于弥补那些具有重要社会价值但商业收益不足项目的资金缺口，有效提高了项目的财务可行性。9国际金融机构的深度参与也是孟加拉国PPP生态系统的特点。亚洲开发银行、世界银行等多边开发机构不仅提供项目融资支持，还在能力建设、知识转移和项目准备等方面发挥重要作用。这些机构的参与不仅带来了资金，更引入了国际最佳实践，提升了项目的整体质量。
The financial support system is equally noteworthy. The Bangladesh Infrastructure Finance Fund Limited (BIFFL), a dedicated infrastructure financing platform, has provided approximately $260 million in financing support for 26 PPP projects. Concurrently, the government's Viability Gap Funding (VGF) mechanism specifically addresses funding gaps for projects with significant social value but insufficient commercial returns, effectively enhancing their financial viability.
Deep engagement from international financial institutions characterizes Bangladesh's PPP ecosystem. Multilateral development banks like the Asian Development Bank and World Bank not only provide project financing but also play crucial roles in capacity building, knowledge transfer, and project preparation. Their involvement brings not only capital but also international best practices, elevating overall project quality.
四、挑战与风险Challenges and Risks
尽管发展前景广阔，但孟加拉国PPP模式的实际推进仍面临诸多挑战，需要投资者和政府共同应对。
Despite promising development prospects, the practical implementation of PPP models in Bangladesh still faces numerous challenges that require joint efforts from investors and the government.
首先，投资者需要考虑项目准备与执行层面的问题。部分PPP项目存在前期可行性研究不深入、规划设计不合理的情况，导致在招标和融资阶段遇到困难，甚至造成项目实施过程中的延误和成本超支。这一问题的解决需要加强项目前期工作的投入和质量控制。
Issues at the project preparation and execution levels are particularly pressing. Some PPP projects suffer from insufficient preliminary feasibility studies and unreasonable planning and design, leading to difficulties during bidding and financing phases, and even causing delays and cost overruns during project implementation. Resolving this issue necessitates increased investment in and enhanced quality control of pre-project work.
第二，土地征用是孟加拉国大型基础设施项目面临的其中一个问题。土地所有权关系、征地成本以及可能引发的社会矛盾也需要投资者考虑。政府需要建立更加高效、透明的土地征用机制，为项目顺利实施扫清障碍。
Land acquisition stands as one of the challenges confronting large-scale infrastructure projects in Bangladesh. Investors must also consider land ownership relationships, acquisition costs, and potential social conflicts. The government needs to establish more efficient and transparent land acquisition mechanisms to clear obstacles for smooth project implementation.
第三，当地的法律与监管环境也存在改进空间。PPP法律尚未出台，这使得投资者对政策环境的长期稳定性存有顾虑。同时，官僚体系的效率问题和政府换届可能带来的政策连续性风险，都是投资者需要认真评估的因素。10
The legal and regulatory environment also has room for improvement. The absence of a comprehensive PPP law creates uncertainty regarding the long-term stability of the policy environment. Additionally, inefficiencies within the bureaucratic system and risks to policy continuity during government transitions are factors investors must carefully evaluate.
最后，融资环境方面，孟加拉国本地资本市场深度不足，长期贷款稀缺且成本较高。这使得PPP项目在很大程度上依赖国际银行贷款和出口信贷机构支持。此外，项目收入主要为当地货币塔卡，而外债偿还需要美元，存在外汇管制和汇兑风险，需要设计妥善的风险对冲机制。
Regarding the financing environment, Bangladesh's domestic capital markets lack depth, and long-term loans are scarce and costly. This leaves PPP projects heavily reliant on international syndicated loans and support from export credit agencies. Furthermore, project revenues are primarily denominated in the local currency, the taka, while foreign debt repayments require US dollars. This creates foreign exchange control and exchange rate risks, necessitating the design of appropriate risk hedging mechanisms.
五、投资建议Investment Recommendations
对于考虑进入孟加拉国PPP市场的投资者，特别是具有丰富国际经验的中国企业，制定科学合理的参与策略至关重要。
For investors considering entry into Bangladesh's PPP market, particularly Chinese enterprises with extensive international experience, it is crucial to formulate a well-designed participation strategy.
首先，应当聚焦国家重点发展领域。投资者可以密切关注政府公布的PPP项目储备库，优先选择被列为国家优先发展和监管机制相对完善的交通、经济园区、医疗环保等领域。这些领域不仅政策支持力度大，而且与国家发展需求高度契合，具有较好的长期稳定性。
First, focus on national priority development sectors. Closely monitor the government's published PPP project pipeline, prioritizing sectors designated as national priorities with relatively robust regulatory frameworks—such as transportation, economic zones, healthcare, and environmental protection. These sectors not only benefit from substantial policy support but also align closely with national development needs, offering favorable long-term stability.
其次，做好充分的尽职调查与风险预案。除了常规的技术和财务尽职调查外，应特别重视政治、法律和社会风险评估。与可靠的本地律所、会计师事务所和咨询公司建立合作关系，深入了解当地商业环境和文化特点，为投资决策提供全面依据。
Second, conduct thorough due diligence and prepare comprehensive risk contingency plans. Beyond standard technical and financial due diligence, place special emphasis on assessing political, legal, and social risks. Establish partnerships with reputable local law firms, accounting practices, and consulting firms to gain deep insights into the local business environment and cultural nuances, which provides a robust foundation for investment decisions.
第三，构建优势互补的合作联盟。投资者可以考虑与有实力的国际承包商、运营商以及信誉良好的本地企业组成联合体，可以实现资源共享和风险分散。本地合作伙伴的加入在处理政府关系、社区事务和劳动力管理等方面能够发挥不可替代的作用。
Third, build complementary cooperative alliances. Forming consortia with capable international contractors, operators, and reputable local enterprises enables resource sharing and risk diversification. Local partners play an irreplaceable role in managing government relations, community affairs, and labor management.
第四，善用各类支持政策与融资工具。投资者可以主动了解和申请孟加拉国为PPP项目提供的税收减免、VGF补贴和基金融资等优惠。同时，积极联动中国的政策性银行、多边开发机构等融资渠道，设计稳健的融资方案，降低资金成本。
Fourth, leverage various support policies and financing tools. Proactively seek out and apply for Bangladesh's preferential measures for PPP projects, including tax exemptions, VGF subsidies, and infrastructure financing. Simultaneously, actively engage financing channels like China's policy banks and multilateral development institutions to design robust financing plans and reduce capital costs.
最后，重视社会责任与可持续发展。积极与当地社区沟通，妥善处理土地和移民安置等敏感问题。同时加强本地员工雇佣和培训，树立负责任的企业形象。这些举措不仅有助于社会认同，也是保障项目长期稳定运营的重要基础。
Finally, prioritize social responsibility and sustainable development. Proactively engage with local communities to address sensitive issues like land acquisition and resettlement. Strengthen local hiring and training programs to establish a responsible corporate image. These measures not only foster social acceptance but also form a crucial foundation for ensuring the project's long-term stable operation.
六、结语Conclusion
孟加拉国的PPP模式正站在新的历史起点上。庞大的项目储备、高层的政治决心和日益完善的制度框架，这些共同构成了其发展的坚实基础。尽管前路仍面临诸多挑战，但这一模式在弥补基础设施缺口和推动经济发展方面的潜力不容忽视。
Bangladesh's PPP model stands at a new historical juncture. A substantial project pipeline, strong political commitment at the highest levels, and an increasingly robust institutional framework collectively form a solid foundation for its development. While numerous challenges remain ahead, the model's potential to bridge infrastructure gaps and drive economic growth cannot be overlooked.
对于全球投资者而言，孟加拉国PPP市场既充满机遇，也要求投资者具备战略眼光、风险意识和适应能力。那些能够深耕于此建立本地化能力，并与孟加拉国发展愿景形成共赢合作的参与者，也能够在这个充满活力的市场中获得丰厚回报。
For global investors, Bangladesh's PPP market presents abundant opportunities while demanding strategic foresight, risk awareness, and adaptability. Participants who cultivate deep local expertise, build localized capabilities, and forge mutually beneficial partnerships aligned with Bangladesh's development vision will reap substantial rewards in this dynamic market.
随着经验的积累和制度的完善，PPP模式有望在孟加拉国的现代化进程中发挥更加重要的作用，成为连接国家愿景与现实成就的重要桥梁。
As experience accumulates and systems mature, the PPP model is poised to play an increasingly vital role in Bangladesh's modernization journey, serving as a crucial bridge connecting the nation's vision with tangible achievements.
（德恒北京办公室实习生周雪琪对本文亦有贡献）
参考文献：
[1]Policy-Strategy-for-PPP-Aug2010https://www.pppo.gov.bd/download/ppp_office/Policy-Strategy-for-PPP-Aug2010.pdf
[2]Procurement-Guideline-for-PPP-Projects-2016 https://pppo.gov.bd/download/ppp_office/Procurement-Guideline-for-PPP-Projects-2016_and_Guidelines-for-Unsolicited-Proposals-2016.pdf
[3]Procurement-Guideline-for-PPP-Projects-2018https://www.pppo.gov.bd/download/ppp_office/Procurement-Guideline-for-PPP-Projects-2018.pdf
[4]https://www.pppo.gov.bd/download/ppp_office/Rules-for-PPPTAF-2018.pdf
[5]https://www.pppo.gov.bd/ppp_office.php
[6]对外投资合作国别(地区)指南:孟加拉国(2024年版)孟加拉国 http://www.mofcom.gov.cn/dl/gbdqzn/upload/mengjiala.pdf
[7]《同6
[8]孟加拉国鼓励以公私合营模式发展基建 https://world.huanqiu.com/article/9CaKrnK4jaH
[9]Rules-for-VGF-for-PPP-Projects-2018
https://www.pppo.gov.bd/download/ppp_office/Rules-for-VGF-for-PPP-Projects-2018.pdf
[10]孟加拉国PPP模式现状分析研究https://mp.weixin.qq.com/s/4dGlxzG2HapoEw0D1k0ixg | 
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