Finance
World Bank World Bank approves $125 cr loan to Bangladesh
Dhaka, April 29: The Board of Directors of the World Bank has approved a loan of 125 crore dollars for three projects to support environmentally friendly and sustainable development of Bangladesh.
In addition, the World Bank has developed a new four-year partnership framework for Bangladesh, which will help Bangladesh achieve its goal of becoming an upper-middle income country by 2031. The World Bank said this information in a press release on Friday.
A $50 crore project by the International Organization for Agriculture and Rural Development will help diversify the agri-food system, ensure food security, create entrepreneurship and build climate resilience.
According to a World Bank press release, a $50 crore project on environment-friendly and climate-resilient development will help Bangladesh transition to green and climate-resilient development. And a $25 crore project will help micro-entrepreneurs transition to sustainability, galvanize the sector, reduce pollution, improve resource efficiency and achieve climate-resilient growth.
Together these three approved projects, the total loan amount of the International Development Association in Bangladesh will be 16.3 billion dollars.
World Bank Country Director Abdoulaye Seck said, "This Country Partnership Framework builds on the strong five-decade partnership between the World Bank Group and Bangladesh."
He said, "As Bangladesh wants to move forward on the path of further prosperity, it needs strong institutions and policies that can meet the needs of an upper-middle income country. This partnership framework will support the government's reform agenda for job creation and inclusive and sustainable development."
Currently, the amount of loans provided by the Multilateral Investment Guarantee Agency of the World Bank in Bangladesh is slightly more than 1 billion dollars. Besides, IFC has a project of about one billion dollars going on.
The World Bank says its 'Country Partnership Framework' has been developed in line with the Government of Bangladesh's Eighth Five-Year Plan and Long-Term Perspective Plan (2021-2041), which will help Bangladesh achieve the status of an upper-middle income country by 2031 by identifying the obstacles to achieving high and sustainable growth.
