The World Bank and Bangladesh on Thursday signed five financing agreements worth over $1.1 billion to help the country achieve resilient and inclusive growth.
The five projects include early childhood development, urban primary health, secondary education, riverbank protection and navigability, and gas distribution efficiency, according to a press release from the World Bank.
The agreements were signed in Dhaka by Sharifa Khan, Senior Secretary of the Bangladesh Government and Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan.
The credits are from the World Bank’s International Development Association (IDA). Bangladesh currently has the largest ongoing IDA program, totaling $16.46 billion in 57 projects, according to the press release. For IDA concessional loans, the maturity period is 30 years with 5 5-year grace period; the interest rate is 1.25% and the service charge is 0.75%.
Abdoulaye Seck said these projects will help prepare Bangladesh’s children for a brighter future while improving resilience to climate change.
Sharifa Khan said These projects are aligned with Bangladesh’s Eighth Five-Year Plan 2021-2025 and support the country’s graduation from Least Developed Country (LDC) status in 2026 and Vision 2041.