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Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

The Bangladesh government and the World Bank sign a $300m loan deal!

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Dhaka, Bangladesh (CU)_ The World Bank and the government of Bangladesh inked a financing deal for $300 million. This agreement will help Bangladesh develop its urban institutions so that the country may recover from the Covid-19 outbreak and become better prepared for future shocks. According to a statement released by the World Bank, the Local Government Covid-19 Response and Recovery Project would support 39.9 million inhabitants living in urban areas throughout all eight divisions.

It will support the cities and towns of Bangladesh in overcoming the effects of the pandemic and preparing for future shocks, such as climate change, natural catastrophes, and outbreaks of infectious diseases. Additionally, the project will provide funding on a semiannual basis to 329 municipalities and 10 city corporations for the purpose of enhancing essential urban services and infrastructure in order to address and reduce the effects of climate change, natural disasters, and any future disease outbreaks that may occur.

According to Mercy Tembon, World Bank country director for Bangladesh and Bhutan, “Bangladesh is rapidly urbanizing. With around 36 percent of the population living in urban areas, the city corporations, and the municipalities can play a critical role in helping the urban poor recover from the pandemic as well as prepare to handle future shocks”.  She added, “This project will help local government institutions take the right measures to move toward climate-smart urbanization and prepare for resilience in future shocks.”

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The project will execute labor-intensive public works that will manage water supply and sanitation, drainage, and other essential services that promote low-income areas, slums, and areas prone to high disease outbreaks and disaster risks, as well as create jobs for the impoverished urban community who live in those regions. Furthermore, the project will be carried out in low-income areas.

In addition to providing employment opportunities for 10,000 women through the public works program, it will also result in the creation of 1.5 million days worth of short-term labor. According to Sharifa Khan, secretary of the Economic Relations Division (ERD), “With quick and proactive measures, the Bangladesh government will be able to address the impact of the Covid-19 pandemic”. The agreement was signed by the country director of the World Bank and the secretary of the ERD.

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