Bangladesh (Commonwealth Union)_ The World Bank (WB) has approved a loan of $2.25 billion to Bangladesh to support the nation’s five development projects in regional commerce and connectivity, disaster readiness, and environmental management. Bangladesh and the global lender inked a loan agreement at the WB headquarters on Monday. The agreement was signed in the presence of Prime Minister Sheikh Hasina and World Bank President David Malpass.
The five development projects are the Resilient Infrastructure Building Project (RIVER); Bangladesh Environmental Sustainability and Transformation (BEST); Accelerating Transport and Trade Connectivity in Eastern South Asia (ACCESS) – Bangladesh Phase-1; First Bangladesh Green and Climate Resilient Development (GCRD); and Sustainable Microenterprise and Resilient Transformation (SMART).
One of the projects, the resilient infrastructure scheme, with a budget of $500 million for adaptation and vulnerability reduction, will be the first significant investment program to support Bangladesh Delta Plan-2100, as it will enhance disaster preparation against inland flooding. The second project on environmental sustainability and transformation in Bangladesh, valued at approximately USD 250 million, will assist the country in improving environmental management and enhancing private sector participation in green investment.
The third project on improving transport and trade connectivity in Eastern South Asia-Bangladesh phase-1 will help Dhaka enhance regional commerce and connectivity with a budget of753,45 million dollars. The $500 million worth of the fourth project on the green and climate resilient initiative will aid the nation’s shift to a green and climate resilient economy. The fifth and final project, worth USD 250 million, on sustainable microenterprise and resilient transformation will assist in transforming the microenterprise sector into one that is more dynamic, less polluting, resource efficient, and climate resilient.
Further, commemorating the 50-year partnership between Bangladesh and WB, Prime Minister Sheikh Hasina attended a special event in Washington DC on Monday at the invitation of World Bank President David Malpass. During the occasion, she addressed the plenary session on “Reflection on 50 years of World Bank-Bangladesh Partnership” hosted at the Preston Auditorium of the World Bank.
