(MENAFN) The World Bank has approved USD1.25 billion in financing for three projects to aid Bangladesh in achieving greener and more resilient development. The loan was approved by the World Bank's Board of Executive Directors in Washington on Thursday, along with discussions on a new Country Partnership Framework (CPF) for Bangladesh (2023-2027). The UN leader's Dhaka office released a statement detailing the projects and their goals.

The first project, the USD500 million Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER) program, aims to promote diversification, food safety, entrepreneurship, and climate resilience in the agri-food systems. The second project, the USD500 million First Green and Climate Resilient Development Credit, will help Bangladesh transition to green and climate-resilient development. Finally, the USD250 million Sustainable Microenterprise and Resilient Transformation (SMART) project is focused on transforming the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector.

With the approval of these three projects, the World Bank's total ongoing program in Bangladesh stands at USD16.3 billion. The CPF will support Bangladesh's goal of achieving upper-middle-income country status by 2031 by helping the country address key barriers to higher and sustainable growth. The global lender aims to support the government's reform programs to deliver jobs while supporting inclusion and resilience.

According to Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan, the CPF will help Bangladesh overcome the challenges of climate change. The country has an ambitious goal of achieving upper middle-income status within a short period, which is a daunting task in the face of climate change. Junaid Kamal Ahmad, the bank's official, added that access to private capital and global financial markets will increasingly be needed to achieve this goal. The World Bank's financing for Bangladesh's green and resilient development projects is a step in the right direction for achieving this goal.

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