WB approves fresh $500mn loan to Bangladesh

The World Bank (WB) has approved a fresh $500 million loan for Bangladesh aimed at strengthening governance, accountability, and transparency in public institutions.

In a statement issued by its Dhaka office on Saturday (June 21), the World Bank said the financial support would also contribute to improving corporate governance and enhancing stability in the country’s financial sector.

Gail Martin, the World Bank’s interim country director for Bangladesh, emphasized the importance of financial management in the development process. "How public finances are managed is critical to the sustainable development of Bangladesh’s economy," she said. "The government is taking ambitious steps to make institutions more open and accountable so that they can serve the people better."

The announcement comes just days after the World Bank’s Executive Board approved two additional projects on June 19, totaling $640 million. Of that, $350 million will go toward improving gas supply security by supporting Petrobangla, the state-owned energy company, with cost-effective financing. Another $290 million will fund initiatives under the Air Quality Improvement Project to tackle environmental pollution.