WEB DESK
The World Bank (WB) will provide 2.25 billion dollars to Bangladesh to support projects related to growth, regional connectivity and disaster preparedness.
The agreement was signed in Washington yesterday to celebrate 50 years of partnership between the World Bank and Bangladesh. The financial agreement includes support for five projects in Bangladesh.
The World Bank will provide 743.45 million dollars to improve regional trade under its ‘Accelerating Transport and Trade connectivity in Eastern South Asia (ACCESS) programme, phase-1. Under the Resilient Infrastructure for Adaptation and Vulnerability Reduction (RIVER) project, Bangladesh will receive 500 million dollars to support its Delta Plan 2100 to improve disaster preparedness against inland flooding.
The First Green and Climate Resilient Development Credit project of 500 million dollars will help the country’s transition to green and climate-resilient development. The 250 million dollar Sustainable Microenterprise and Resilient Transformation (SMART) project will help transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector. The fifth one, Bangladesh Environmental Sustainability and Transformation (BEST) Project, will help Bangladesh strengthen environment management and promote private sector participation in green investment.
Commemorating the 50 years of partnership with Bangladesh, Prime Minister Sheikh Hasina said in Washington that Bangladesh has transformed its economy and made it more resilient as demonstrated during the COVID 19 pandemic. She expressed hope that WB will continue to work with Bangladesh to help it achieve higher income country status by 2041. Commending Bangladesh for its development journey, WB President Malpass said the country stands out for its innovative approaches to reducing poverty in record time, empowering women, achieving wide-spread electricity access, and adapting to climate change.