World Bank Provides USD2.25 Billion Loan to Bangladesh for Climate-Resilient Projects
(MENAFN) The World bank has agreed to provide a USD2.25 billion loan to Bangladesh for its five development and climate-resilient projects. The loan deal was signed in Washington, D.C., during an event marking the 50 years of partnership between Bangladesh and the World Bank. State-run Bangladesh Sangbad Sangstha news agency reported that the five projects for which the loan will be provided included 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).
Speaking at the event, Bangladeshi Premier Sheikh Hasina emphasized the importance of developing a partnership with the World Bank to support the country's development. She stated, "We are here not to pray. We want our right to develop a partnership with the World Bank. We take loans and we pay the money with interest." World Bank President David Malpass was also present at the event, underscoring the importance of the partnership between Bangladesh and the World Bank.
The loan will support Bangladesh's efforts to build resilience to the impacts of climate change and promote sustainable development. The country is particularly vulnerable to the impacts of climate change, such as sea-level rise, floods, and cyclones, which have significant economic and social impacts. The loan will help to fund projects that aim to address these challenges, including the development of resilient infrastructure, sustainable transport, and trade connectivity.
Speaking to the media, Salman Fazlur Rahman, the adviser to Bangladesh’s prime minister on private industry and investment, called the loan deal the "single-largest loan deal" between his country and the World Bank. The loan reflects the World Bank's commitment to supporting the development of Bangladesh and promoting sustainable and inclusive growth in the country.
The loan will provide critical support for Bangladesh to address the challenges posed by climate change and promote sustainable development. It underscores the importance of international partnerships and collaboration in achieving these goals and highlights the role that institutions like the World Bank can play in supporting the development of countries like Bangladesh. The loan will help to build resilience and promote sustainable growth, providing a pathway for the country to address the challenges of the 21st century.
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