Why did Bangladesh number one in the current e-government ranking among the least developed countries (LDCs), while stood 23rd in knowledge management ranking? Efficient ways of sharing and managing knowledge is imperative for the effectiveness of e-government initiatives in any country. E-government and knowledge management should not appear individually. This paper is based on an interpretative research approach that discusses the theoretical and practical aspects of knowledge management and e-government initiatives in the context of developing countries. For the purpose of analysis, online research papers and reports were investigated and Bangladesh was considered as a country for explaining the context of developing countries. The case for Bangladesh shows that while the government can easily present online a number of its services, these may not be effective for the targeted users as those services are failed to address some critical implementation factors. Furthermore, the critical factors for e-government imitative that can be known by the policy makers adequately if they are participated in the knowledge sharing process efficiently with appropriate approaches and technologies.