Bangladesh signs US$1.1 billion financial agreements with WB

Financial agreements for five projects have been signed in between World Bank (WB) and the government of Bangladesh for five projects amounting US$ 1118 million or US$1.118 billion.
The agreements were signed by Sharifa Khan, Senior Secretary of Economic Relations Division, one of the divisions of the Ministry of Finance (MoF) and Country Director to the World Bank (Bangladesh and Bhutan) Abdoulaye Seck at ERD office in the capital on behalf of their respective sides.
Among the five projects, two are for education sector, one each for health, environment and power distribution.
According to Deputy Secretary (World Bank-1 section) under ERD, Selina Kazi among the total credit amount signed today (Thursday), the World Bank sanctioned US$1022 million from its IDA concessional window. The rest US$90 million is from Regular Scale Up Window (SUW), which is non-concessional.
ERD Senior Secretary Sharifa Khan said that these projects are aligned with the Eighth Five-Year Plan 2021-2025 and will support the country’s graduation from LDC status in 2026 and the vision 2041.
Following the signing WB Country Director Abdoulaye Seck said: “Since the country’s independence, the World Bank and Bangladesh have had an impactful partnership that lifted millions of Bangladeshi people out of poverty.”
These projects will help preparing the children for a brighter future while improving resiliency to climate change, he added.
World Bank said these projects will help 900,000 rural youth in Bangladesh with better employability and entrepreneurial opportunities.
According to World Bank Bangladesh office US$210 million Bangladesh Enhancing Investments and Benefits for Early Years Project will help improve early childhood development by providing cash transfers and counseling services to about 1.7 million pregnant women and mothers of children under 4 years of age in vulnerable households.
The US$300 million Learning Acceleration in Secondary Education Operation Project will help strengthen secondary education by improving learning outcome and teaching quality. To reduce dropout rates, the program will provide stipends to 8 million vulnerable students and ensure 5,000 schools have active sexual harassment and prevention committees in place.
The US$102 million Jamuna River Sustainable Management Project 1, will help improve riverbank protection and navigability in the Jamuna River, protecting about 2,500 hectares of land from riverbank erosion and flooding.
The US$200 million Urban Health, Nutrition and Population Project will improve primary healthcare services for treatment, prevention and referral for common illnesses including mosquito-borne diseases like dengue in Dhaka North and South City Corporations, Chattogram City Corporation, and Savar and Tarabo municipalities.
The US$300 million Gas Sector Efficiency Improvement and Carbon Abatement Project will help improve the efficiency of gas distribution and end-use through pre-paid metering systems and reduce methane emissions along the natural gas value chain. It will install more than 1.2 million prepaid gas meters in Dhaka and Rajshahi Division.
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.
The World Bank was among the first development partners to support Bangladesh and has committed more than $40 billion in grants, interest-free, and concessional credits since the country’s independence.