The World Bank has agreed to provide 2.25 billion dollars to Bangladesh to support several growth-oriented projects, regional connectivity, and disaster preparedness. The agreement was signed in Washington to commemorate the 50-year partnership between the World Bank and Bangladesh. This financial agreement comprises support for five projects in Bangladesh.
Under its ‘Accelerating Transport and Trade Connectivity in Eastern South Asia (ACCESS) program, phase-1, the World Bank will provide 743.45 million dollars to enhance regional trade. The Resilient Infrastructure for Adaptation and Vulnerability Reduction (RIVER) project will receive 500 million dollars to assist Bangladesh’s Delta Plan 2100 in improving disaster preparedness against inland flooding.
The First Green and Climate Resilient Development Credit project, worth 500 million dollars, will aid the country’s transition to green and climate-resilient development. The Sustainable Microenterprise and Resilient Transformation (SMART) project, valued at 250 million dollars, will help the micro-enterprise sector become a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector. The Bangladesh Environmental Sustainability and Transformation (BEST) Project, the fifth one, will support Bangladesh in strengthening environmental management and promoting private sector participation in green investment.
On the occasion of the 50 years of partnership with Bangladesh, Prime Minister Sheikh Hasina stated in Washington that Bangladesh has transformed its economy and made it more resilient, as demonstrated during the COVID-19 pandemic. She expressed her hope that the World Bank would continue to collaborate with Bangladesh to help it achieve higher-income country status by 2041. Commending Bangladesh for its development journey, the World Bank President, Malpass, said the country stands out for its innovative approaches to reducing poverty, empowering women, achieving widespread electricity access, and adapting to climate change.